London, 12 December 2014 -- Moody's Investors Service has today downgraded the Corporate Family Rating (CFR) and Probability of Default Rating on Towergate Holdings II Ltd by two notches to Caa3 / Caa3-PD. The senior instruments issued by Towergate Finance plc have also been downgraded, with the senior secured downgraded three notches to Caa2 and the senior unsecured downgraded one notch to Ca. All ratings have a developing outlook. The revised ratings reflect Moody's view that, notwithstanding some progress by the Group in terms of asset sales, the probability of some form of corporate restructuring is elevated.

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