Credit rating agencies Icra and Crisil have downgraded various loan facilities of the three listed airlines – IndiGo, SpiceJet and Jet Airways. This has come as a combination of airline market compulsions in India, rising oil prices and falling rupee in the past several weeks.
IndiGo, SpiceJet and Jet Airways have seen this downgrading of credit rating assigned to some of their loan facilities at a time when they grapple with rising expenses and limited room to hike fares amid intense competition.
India has one of the fastest growing aviation markets in the world but local carriers are facing tough business conditions thanks to surging oil prices and depreciation of the rupee. The airliners constantly look to woo more passengers with cheaper competitive fares, they have not been fully able to increase ticket prices. Read more
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