New Delhi: SpiceJet has received its second credit rating upgrade within a month, reflecting the airline’s strengthened liquidity, improved credit profile, and disciplined financial strategy. Acuité Ratings & Research has elevated SpiceJet’s long-term credit rating to BB (Stable) from BB− (Stable), while reaffirming its short-term rating at A4+.
The SEBI-registered agency cited SpiceJet’s fleet expansion plans, successful settlements with key lessors, and a robust operational roadmap as key drivers behind the upgrade. The airline’s revival strategy includes inducting new leased aircraft, tripling daily flights to 280, and reactivating grounded aircraft.
A recent settlement with Carlyle Aviation Partners is expected to bolster liquidity by offering cash credits for aircraft and engine maintenance, while also restructuring lease debt through partial conversion into equity ownership.
Acuité also highlighted the leadership of Chairman and Managing Director Ajay Singh, whose 15 years of aviation experience have been instrumental in steering the company’s turnaround. The agency noted SpiceJet’s diversified revenue model and growing fleet capacity as positive indicators for its medium-term financial outlook.
Debojo Maharshi, Chief Business Officer of SpiceJet, commented, “The back-to-back upgrades in our credit ratings are a strong validation of SpiceJet’s consistent efforts to strengthen its financial foundation and build a resilient future. With fresh aircraft inductions, restructured agreements with lessors, and a focused strategy on growth and profitability, SpiceJet is well positioned to expand operations, enhance customer experience, and create long-term value for all stakeholders.”
