Mumbai: ICRA has downgraded the rating for Air India Express’ (AIEL’s) short-term loans to A4 from A4+, given the adverse impact of Covid on air travel. The revision also reflects the likelihood of its extended impact, according to the rating agency.
The rating also takes into account AIEL’s stretched credit profile, characterised by negative net worth and a high outstanding to Air India and other vendors.
It had opted for the moratorium until August 2020. AIEL has a fleet of 24 B737-800 aircraft.
AIEL reported a net profit of Rs 455.5 crore in FY20 (as per provisional financials), against Rs 164.4 crore in FY19.
However, it recorded a net loss of Rs 234.4 crore in Q1 FY21.
21/09/20 Abhijit Lele/Business Standard
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