Moody’s drops CHC Group PDR to D-PD

Moody's Investors Service said it downgraded CHC Group Ltd.'s probability of default rating to D-PD from Ca-PD.

This action follows CHC's announcement that it, along with its wholly owned subsidiary CHC Helicopter SA, filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Northern District of Texas, to facilitate the restructuring of its balance sheet and fleet.

On April 15, CHC elected to skip interest payments due on its senior secured notes due 2020, entering the 30-day grace period allowed under the notes indentures.

CHC's and CHC Helicopter’s other ratings were unchanged.

The outlook remains negative.

Shortly following this action, Moody's will withdraw all ratings for the company consistent with the agency’s practice for companies operating under the purview of the bankruptcy courts wherein information flow typically becomes much more limited.

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