SpiceJet Assigned BB- with Stable Outlook by CARE Ratings, Second Upgrade in Three Months

SpiceJet has been assigned a BB-; Stable credit rating by CareEdge Ratings, marking its second upgrade in just three months. The improved rating highlights the airline’s steady financial recovery and progress in executing its turnaround plan. SpiceJet’s liquidity remains adequate, bolstered by recent fundraises and an expected additional INR 676 crore from outstanding share warrants over the short-to-medium term. The ratings agency has also recognized SpiceJet’s consistent track record as one of the most efficient utilisers of its operating fleet, with the highest passenger load factor (PLF) in the industry for the last four fiscal years through FY24. The stable outlook reflects Care Ratings' expectation that SpiceJet will continue to maintain its adequate liquidity position and make progress in its operational turnaround, supported by its efficient fleet utilisation and the promoter’s experience.