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S&P affirms Era Group
S&P said it affirmed its B- corporate credit rating on Era Group Inc.
The outlook is negative.
At the same time, the agency affirmed the B- issue-level rating on the company's senior unsecured debt. The recovery rating remains 3, reflecting an expectation of meaningful (50%-70%; rounded estimate: 65%) recovery in the event of payment default.
S&P said the affirmation reflects a view that Era Group continues to perform within the agency’s expectations based on the fragile recovery of the offshore oil and gas market.
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