Photo: MintNew Delhi: Rating agency Icra Ltd on Monday lowered credit ratings on Jet Airways Ltd’s short-term and long-term loan facilities, citing weakened financial performance as the airline is unable to pass on rise in jet fuel prices to the customers. Besides, the ratings on Rs3,574.7 crore long-term loans, the Rs645 crore long-term, fund-based facilities and the Rs600 crore long-term, non-fund based facilities have been downgraded. “The company has large debt repayments due over FY2019 (Rs3,120.3 crore), FY2020 (Rs2,444.5 crore) and FY2021 (Rs2,167.9 crore),” Icra said. According to the agency, continued support from Etihad Airways is fundamental towards turning Jet Airways around and improving its liquidity profile. On Monday, Jet Airways shares gained 7.67% to Rs435.95 per share on BSE,while the Sensex closed 0.69% up at 35,165.48 points.

Source: Mint May 28, 2018 11:15 UTC