Moody's ups CHC notes, rates notes Caa1

Moody's Investors Service said it assigned a Caa1 rating to CHC Helicopter SA's proposed $250 million senior unsecured notes due 2021.

Moody's also upgraded the $1.3 billion senior secured first-lien notes due 2020 to B1 from B2.

The Ba2 rating on the $375 million super-senior secured revolving credit facility rating was affirmed. The B2 corporate family rating, B2-PD probability of default rating and SGL-3 speculative grade liquidity rating were also affirmed.

The outlook remains stable.

The proceeds of the notes will be used to reduce borrowings under the company's revolving credit facility and for general corporate purposes.

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