S&P downgrades PHI, debt to B

S&P said it lowered its corporate credit rating on PHI Inc. to B from BB-.

The outlook is negative.

At the same time, the agency downgraded its issue-level rating on the company's senior unsecured debt to B from BB-. The recovery rating remains 3, indicating an expectation of meaningful (50%-70%, rounded estimate: 50%) recovery in the event of default.

"The downgrade reflects our revised assessment of PHI's financial risk profile based on assumptions for lower utilization and lower pricing as helicopter service providers continue to experience weakness in the offshore oil and gas segment," S&P credit analyst Kevin Kwok said in a news release.

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