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[$$] Clock Is Ticking at Helicopter Transport Company PHI

Inc. has been tight-lipped about how it plans to deal with $500 million in debt maturing Friday, prompting Fitch Ratings to downgrade the credit of the helicopter services business further into junk territory. The lower rating also reflects long-term competitive headwinds that PHI faces, as well as its inability to access the capital markets, Fitch said. If a default occurs, an additional downgrade is likely, Fitch said.