Credit rating agency, ICRA has revised rating assigned to Jet Airways’ long term loans and Non-Convertible Debentures (NCDs) to ‘BB+’ (negative outlook) from ‘BBB-’ (negative outlook). The agency has also revised rating assigned to the company’s short term loans to ‘A4+’ from ‘A3’.
The downward revision considers weakened financial performance of the company, primarily arising out of increased jet fuel prices which could not be passed on to the customers due to weak pricing power caused by excess competition.
Jet Airways is India’s premier international airline, which operates flights to India and overseas. The company’s robust domestic India network spans the length and breadth of the country covering metro cities, state capitals and emerging destinations.
