ICRA has downgraded the long-term rating assigned to the ₹698.9-crore non-convertible debenture programme, the ₹4,970-crore long-term loans, the ₹645-crore long-term, fund-based facilities and the ₹700 crore long-term, non-fund based facilities of Jet Airways (India) Ltd. to ICRA BB from ICRA BB+.
ICRA has also downgraded the short-term rating assigned to the ₹3,950 crore short-term, non-fund based facilities of Jet Airways to ICRA A4 from ICRA A4+. The outlook on the long-term rating is Negative, ICRA said. “The ratings downgrade considers the continued deterioration in the operating and financial performance of the company,” ICRA added.
