TP ICAP disputes credit rating downgrade by Moody's

Writer, Stock Market Wire
Tuesday, January 29, 2019 - 15:21

Inter-dealer broker TP ICAP has criticised a credit rating downgrade of the company by Moody's Investors Service.

Moody's on Monday cut its credit rating on TP ICAP to Ba2 from Ba1, while also giving notice to withdraw its ratings for its own business reasons.

It based its view, in part, on TP ICAP's debt levels and spending plans, which it said had impacted the company's financial profile.

TP ICAP claimed that the Moody's rating was 'unsolicited and non-participatory' and that it had not had any engagement with the agency with regards to its credit rating.

It disputed many of Moody's findings and accused the agency of being in 'contravention EU Credit Rating Agency Regulations'.

'The company does not believe that the release affects its credit worthiness with its clients and counterparties nor does it believe that there is a negative impact on the company's debt obligations,' TP ICAP said.

At 3:21pm: (LON:TCAP) TP Icap Plc share price was -1.4p at 322.8p

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