Credit Rating agency Fitch withdrew its ratings on Corus Group Plc on Monday post its acquisition by Tata Steel, which now becomes the holding company of the group's assets in the UK and the Netherlands.
The rating agency said it has affirmed and withdrawn long and short term Issuer Default Rating of 'BB' and 'B' and 'BB-' rating on Corus' Euro 800 million 7.5 per cent senior notes.
"Fitch will no longer
provide ratings coverage to Corus Group," it said in a release.
Corus' ratings were upgraded in July following its acquisition by Tata Steel and had assigned a long-term foreign currency IDR of 'BB' to Tata Steel UK, a subsidiary of the domestic steel major.
As per the acquisition structure, Tata Steel UK is the new holding company for the Corus Group Holding assets in the UK and Netherlands.
