Moody's Downgrades Credit Rating for Helo Operator Erickson | Aviation International News

Moody's Downgrades Credit Rating for Helo Operator Erickson

Credit rating agency Moody's downgraded Erickson's $355 million bond debt two full notches to Caa3, assigning it a very high credit risk.

By Mark Huber • Contributor

August 29, 2016

On Thursday, credit rating agency Moody's downgraded Erickson's $355 million bond debt two full notches to Caa3, assigning it a very high credit risk. The credit rating agency called Erickson's current capital structure “untenable,” noting, “The company relies heavily on its revolving credit facility, which has limited borrowing availability and Moody's anticipates that if the fixed charge coverage covenant were to be tested in the near term, the company would breach it. Liquidity is further constrained by a requirement (under a recent revolver amendment) for the company to refinance the facility or incur significant fees.

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