Jet Airways executives to meet Icra following downgrade

Mumbai: Jet Airways executives will meet credit ratings agency ICRA  on Monday, following Saturday's downgrade of its debt rating to 'D' from 'BB' after the airline failed to meet loan repayment schedule.

According to ICRA's rating scales, "instruments with 'D' rating are in default or are expected to be in default soon." "Indeed Jet has been downgraded to 'D' rating because of cases of defaults. We have been informed of the same by financial institutions and the airline's auditors," said Naresh Takkar, managing director and chief executive officer of the agency. He didn't elaborate on the amount Jet had defaulted on.

Jet Airways ratings downgraded to 'D' by ICRA

Credit-rating agency ICRA has downgraded Jet Airways' debt to "D" rating from "BB" after it "got information" on payments by the airline.
According to Icra's rating scales, "Instruments with 'D' rating are in default or are expected to be in default soon."
"Indeed Jet has been downgraded to "D" rating because of cases of defaults. We have been informed of the same by financial institutions and the airline's auditors," said Naresh Takkar, managing director and CEO of of the agency. He didn't elaborate on the amount Jet had defaulted on.