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


Related content

TP ICAP profit drops 69% after asset writedowns

Intermediaries trading group TP ICAP booked a 69% drop in annual profit after it wrote down the value of its assets.

Pre-tax profit for the...

Tue, 19/03/2019 - 07:41


TP ICAP appoints Richard Berliand as its new chairman

Broking group TP ICAP said it had appointed Richard Berliand as its new chairman to succeed Rupert Robson.

Berliand would joint the board as chairman...

Fri, 14/12/2018 - 13:11


Broker Forecast - RBC Capital Markets issues a broker note on TP Icap Plc

RBC Capital Markets today reaffirms its top pick investment rating on TP Icap Plc (LON:TCAP) and cut its price target to 500p (from 550p).

Broker...

Mon, 10/12/2018 - 10:50


TP ICAP revenue inches 1% higher; acquires Axiom for up to $29.1m

Broking house TP ICAP said its revenue for the four months through October had risen by 1% amid 'mixed' market conditions.

The company also announced...

Fri, 02/11/2018 - 07:41


Broker Forecast - Shore Capital issues a broker note on TP Icap Plc

Shore Capital today upgrades its investment rating on TP Icap Plc (LON:TCAP) to hold (from sell).

Broker Forecasts data provided by www.sharesmagazine.co.uk...

Tue, 07/08/2018 - 09:20