It has always been a problem that companies in a CVA end up without a credit rating. This is not the same as having a low credit rating they simply aren't rated. This seems strange as prior to a CVA the company is very likely to have an adverse rating and will be on the brink of collapse under its debts. Following a successful proposal the creditors have agreed to write off some of their debts and hence improve the company's balance sheet. Surely this would put them in a better position??
Read Keith Steven's article in Credit Today on how to assess the credit rating of a company in a CVA.