S&P downgrades Era

Standard & Poor's said it lowered the rating on Era Group Inc.'s unsecured debt to B- from B and revised the recovery rating on this debt to 5 from 4.

The 5 recovery rating reflects 10% to 30% expected default recovery.

The B corporate credit rating is unchanged.

The outlook is stable.

The revised ratings reflect the company's amended and restated credit facility, which increases the size of its revolving credit facility to $300 million from $200 million, the agency said.

But, the company's credit quality is expected to remain stable due to the mostly fixed payment nature of its contracts, its focus on less volatile production activities and stable customer base, S&P said.

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