Moody's downgrades, withdraws TP ICAP

Moody's Investors Service said it downgraded the corporate family rating of TP ICAP plc to Ba2 from Ba1.

The outlook is stable.

The downgrade concludes a review of TP ICAP's rating that began in October.

Moody's also said it decided to withdraw the rating for business reasons.

The downgrade reflects a view that increased costs, increased debt levels and increased capital expenditures at TP ICAP have led to a weakening of the company's financial profile, the agency said.

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