Icra downgrades cash strapped Jet Airways' long-term ratings to 'C'
The Naresh Goyal-promoted full service carrier has been in the red since the March quarter of the previous fiscal. Facing severe liquidity crunch, the airline has been defaulting on payment of salaries to its senior staff, including pilots and engineers since August as well as to some of the vendors.
Jet Airways in a regulatory filing also confirmed the rating downgrade by Icra. Image source: Reuters