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Moody’s upgrades Towergate Partnership

Moody’s has upgraded Towergate Partnership following the successful consolidation of Paymentshield into Towergate.

The credit ratings firm upgraded Towergate Partnership to B2 from B3, which Moody’s assigned in May 2009.

The B2 rating incorporates Moody’s expectation of the operating margin remaining consistently above 20 per cent together with some improvement in financial leverage and coverage metrics from the current levels pre-acquisition.

Moody’s lead analyst for Towergate David Masters says: “The upgrade principally reflects the successful consolidation of Paymentshield into Towergate, subsequent to the renegotiation of the group’s banking covenants. Further credit strengths relative to the current B2 rating level include Towergate’s strong market position within the UK insurance intermediary space, together with an excellent position within a number of niche underwriting segments.”

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