Moody’s cuts Erickson to negative

Moody's Investors Service said it affirmed its ratings assigned to Erickson Inc. (formerly Erickson Air-Crane Inc.): B2 corporate family, B2-PD probability of default, B3 senior secured second-lien and SGL-3 speculative grade liquidity rating.

The outlook was changed to negative.

Moody’s said the negative outlook considers the execution risk in the company's strategy to turnaround its operations from the weak performance following the 2013 acquisition of Evergreen Helicopters from Evergreen International Aviation. The acquisition was meant to diversify revenues and earnings away from the company's purely legacy air-crane and heavy-lift operations, expanding capabilities to serve commercial and government customers' in need of light- and medium-lift helicopter transportation services.

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