ICRA upgrades Jet Airways to investment grade

MUMBAI: Credit rating agency ICRA, an affiliate of Moody's, has assigned an investment grade rating (BBB-) to Jet Airways, the airline said Wednesday.

"ICRA has upgraded the long term rating of Jet Airways’ (Rs 700 crore) non-convertible debenture programme and fund based facilities to [ICRA] BBB – (ICRA triple B minus) from [ICRA] BB (ICRA double B). The outlook on the long term rating is stable," it said in a release, adding it has also upgraded its short term fund based and non-fund based facilities.

The airline said that according to ICRA's ratings rationale, this upgradation in the long term and short term ratings reflects the improving liquidity and credit profile of the company, arising from improved operating performance in the current year.

In 2014, the agency had upgraded Jet Airways to a BB or stable rating from C. A C rating meant the company was under the risk of defaulting on its loan payments.