This is to inform the exchanges that ICRA Limited has reaffirmed the Companys long-term rating at [ICRA] A+ (negative). The short-term rating of the Company has been downgraded by one notch from [ICRA] A1+ to [ICRA] A1.
ICRA Limited has acknowledged the Companys strong market position cost efficient structure and robust liquidity profile amongst its peers but attributed the downgrade of the Companys short-term rating to the unprecedented disruptions caused by COVID-19 pandemic and its consequential impact on the global and domestic demand for air travel.
While the airline industry is going through an unprecedented crisis the Companys balance sheet remains strong. The Company had a total cash reserve of INR 18 450 crores and a free cash reserve of INR 7 526 crores as of 30th June 2020. The Company has taken a number of actions to cut costs and is further working on a number of short-term measures to boost its liquidity.
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