ICRA downgrades crisis-hit Jet Airways’ credit rating; lenders seek details on root cause of financial stress

Credit rating agency ICRA has downgraded crisis-hit Jet Airways’ with ‘D’ ratings after the airline defaulted on loan repayments to banks.

“This rating downgrade considers the delay by the Company in the payment of interest and principal instalment due on 31 December, 2018 due to cash flow mismatches and delays in the implementation of proposed liquidity initiatives by the Company,” Jet Airways informed stock exchanges on Wednesday.

ICRA had earlier cut the rating on Jet Airways borrowing programmes. In another regulatory filing with BSE on Wednesday, the airline said: “ICRA Limited has revised the long term “ICRA Limited has revised the long term rating (assigned to long term loans and non-convertible debentures) to ICRA-D from ICRA-C. Read More

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