Credit Analysis & Research (CARE) has assigned ‘BBB (SO)’ rating to Jet Airways India’s proposed long-term foreign currency term loan worth Rs 2500 crore. The rating agency has also assigned ‘BBB (SO)’ ratings to the company's proposed long term foreign currency term loan of Rs 938 crore.
The ratings reflect the strategic and growing business, especially post take-over of 24% equity stake by Etihad Airways that backs the pool of the underlying receivables and moderate debt service coverage indicators.
Jet Airways currently operates a fleet of 112 aircraft, which include 10 Boeing 777-300 ER aircraft, 8 Airbus A330-200 aircraft, 4 Airbus A330-300 aircraft, 72 next generations Boeing 737-700/800/900/900 ER aircraft and 15 ATR 72-500 and 3 ATR72-600.
