 "Jet's unit costs increased 8.7 per cent while its unit revenue declined 3.9 per cent")
Credit rating agency Icra has further downgraded the long-term rating of Jet Airways' Rs 70-billion debt.
This is the third rating downgrade in five months as the airline faces a delay in implementing liquidity enhancement measures. A rise in crude oil price, rupee depreciation and inability to pass on costs have been cited as other reasons for the downgrade.
Icra has now assigned a B- (negative) rating for Jet Airways' Rs 70 billion long-term debt (from BB-) which includes non-convertible debentures, loans, fund, and non-fund based facilities.
The rating of Rs 39.50-billion short-term non-fund facilities has been retained at A4.
“The domestic
