S&P Global Ratings' issuer rating on APP Holdco, LLC, the parent of American Physician Partners, LLC, was cut to CCC- from B- and then withdrawn after the company pulled its $520 million term loan deal earlier in December. Ratings noted that the deal was pulled so that the company could pursue alternative resolutions to its upcoming maturities and that the company's debt structure matures Dec. 21.

The rating agency said the downgrade "reflects our view that near-term default risk is high" with about $472 million in debt due in seven days. Following the downgrade, all ratings were withdrawn since the proposed debt did not close.

American Physician Partners provides outsourced emergency department management services to medical-surgical hospitals. It is a portfolio company of BBH Capital Partners.