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Recovery Report: PHI Inc.'s Recovery Rating Profile Oct 11
Standard & Poors, October 2011
We are updating our recovery analysis on U.S. helicopter transportation services provider PHI Inc. (PHI) as part of our ongoing surveillance on the company. This update results in a slightly higher valuation of its assets on account of recent asset purchases (primarily aircraft purchases) by the company in our default scenario, but does not result in a change in our issue and recovery ratings on the company's unsecured debt. Our simulated default scenario for PHI contemplates an extended period of weak oil and gas commodity prices, long delays in the start-up of offshore projects, and a corresponding reduced demand for helicopter services, exacerbated by excess equipment capacity in the market. PHI Inc. is a U.S.-based helicopter transportation company, servicing oil...
Companies mentioned in this report are: PHI Inc.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis