Money coming in does not equal money going out. All Moody's have done is put a formal label on this and calculate the time at which the company is likely to go bust if things don't change. To be honest, anyone with a calculator and access to the quarterly reports could have done this (as many on this forum already have).
In my opinion such a poor re-rating will negatively impact CHC in two ways:
First is that they are now completely un-investable and any financial bail out would only come from someone who already has money in the hole. Professional investors have a saying for this "never try to catch a falling knife" and they will need to see the business model fixed before putting any more cash in.
Second is that I have seen helicopter contracts where minimum credit ratings are a contractual requirement. Typically these are the lucrative long term government funded ones like SAR and HEMS and essential to a helicopter operator trying to ride out a downturn in the offshore industry. CHC will now be unable to bid on such contracts.
I feel like I am watching the movie 'perfect storm' where CHC are bravely trying everything they can against hopeless odds.
I think the survival of CHC will come down to whether the aircraft lessors are prepared to accept something in the bank rather than have the aircraft sat off-contract back in their hangars.