SpiceJet has been assigned a BB? rating with Stable Outlook by CareEdge Ratings (CARE Ratings), marking its second upgrade in just three months. The improved rating highlights the airline’s steady financial recovery and progress in executing its turnaround plan.
According to the rating agency, the company’s liquidity is currently characterized as adequate considering its cash & cash equivalent derived from preferential issuances and QIP issuance in the last 18 months.
The rating agency has also recognized airline’s consistent track record of efficiently utilizing its operating fleet with the highest passenger load factor (PLF) in the industry for the last four fiscal years through FY24. The rating agency expects this trend to continue, which is key to sustainable profitable operations.
The stable outlook reflects Care Ratings? expectation that the airline will continue to maintain its adequate liquidity position and make progress in its operational turnaround, supported by its efficient fleet utilization and the promoter’s experience.
SpiceJet is India’s second-largest airline in terms of domestic passenger volume and the largest in terms of regional connectivity.
| Company Name | CMP |
|---|---|
| Interglobe Aviation | 4679.25 |
| SpiceJet | 13.27 |
| Raymond | 421.20 |
| Global Vectra Helico | 198.00 |
| Taneja Aerospace | 275.25 |
| View more.. | |
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