Acuité Ratings & Research upgraded low-cost airline SpiceJet's long-term credit rating to BB- (Stable) and short-term rating to A4+.
"The upgrade reflects the airline’s strengthened financial position, improved business outlook, and sustained efforts toward operational resilience," said SpiceJet in a statement on September 3.
In November 2024, Acuité had raised the airline’s rating by four notches to B+ (Stable) along with a short-term rating of A4.
Acuité, in its latest upgrade, highlighted, “The upgrade in the rating reflects the significant new infusion of funds from key promoter company in March 2025 into the airline which occurred after the QIP (Qualified Institutional Placement) in September 2024 providing additional liquidity cushion and which will be helping in improving overall operations.”
“The rating is also supported by improvement in scale of operations and profitability, unutilised funds of Rs 300 crore. from last fund raising round (QIP) as on March 31, 2025 and reduction in the aircraft lease liabilities (operational creditors) settled through negotiations with the lessors.”
“Acuité believes that going forward, the scale of operations & profitability will improve on account of infusion of additional funds as well as induction of new fleet size in near term to medium term,” Acuité noted.
Debojo Maharshi, Chief Business Officer, SpiceJet, said, “Acuité’s upgrade reaffirms SpiceJet’s financial resilience and operational discipline. With decisive steps taken to strengthen our balance sheet and expand our fleet, we remain confident of driving sustainable growth and long-term value for all stakeholders.”
At 1:40 pm, SpiceJet shares were trading marginally lower at Rs 35.83 apiece.
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