Standard & Poor’s has withdrawn its corporate credit rating on Castle HoldCo 4, the holding company for UK-based estate agency Countrywide.
The ratings agency said it had withdrawn both its Default long-term credit rating and all of the previously assigned issue and recovery ratings on Castle HoldCo 4, which is owned by Apollo Advisors.
“The withdrawal of the corporate credit rating reflects the fact that Castle HoldCo 4, as a private company, has not provided sufficient information on its financial restructuring or on its operational results since the initiation of its announced scheme of arrangement process,” S&P said.
“We view this information as necessary for us to continue our surveillance of the company.”
In February, distressed debt fund Oaktree Capital and Polygon took a major stake in Countrywide.
The parties contributed £112m of cash in a bid to cut the estate agency’s £740m of debt.
