Credit rating agency ICRA has upgraded Jet Airways' rating to BB or stable from 'C' representing risk of default on its loan payments. The rating agency notified that the rating upgrade takes into account the improvement in the liquidity and credit profile of the company, arising from improved operating performance as well as support from its strategic partner Etihad Airways.
In previous year, Etihad had signed a $600-million deal with Jet which included a 24% stake in the airline, purchase of its slots at London's Heathrow airport and a majority stake in its privilege programme.
Jet Airways currently operates a fleet of 113 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.
