Moody's Investors Service (Moody's) placed the ratings of Era Group Inc. (Era) under review for upgrade, including its B3 Corporate Family Rating (CFR), B3-PD Probability of Default Rating and Caa1 senior unsecured notes rating. Bristow shareholders would own 77% of the equity, while Era shareholders would own 23% of the equity of the new combined company, which will be named Bristow.

Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Era Group Inc. New York, April 03, 2020 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Era Group Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.