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S&P affirms CHC Helicopter
Standard & Poor’s said it assigned its B+ long-term corporate credit rating to CHC Group Ltd. The outlook is stable.
In addition, S&P affirmed its BB issue-level rating, with a 1 recovery rating, on subsidiary CHC Helicopter SA’s super senior revolving credit facility; its B+ issue-level rating, with a 4 recovery rating, on the subsidiary’s senior secured notes; and its B- issue-level rating, with a 6 recovery rating, on CHC Helicopter SA’s senior unsecured notes.
“The ratings on CHC Helicopter reflect what we consider to be a highly leveraged capital structure, the company’s private equity ownership, and participation in a capital-intensive industry,” said S&P credit analyst Jamie Koutsoukis in a news release. “Somewhat mitigating these weaknesses are the company’s solid market position servicing offshore oil and gas producers and favorable industry conditions.”
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