Wednesday, August 18, 2021

ICRA reaffirms Interglobe Aviation's short term rating, downgrades long-term rating to 'ICRA A'

ICRA has reaffirmed the Interglobe Aviation's (Indigo) short-term rating at [ICRA] Al. The Long-term rating of the Company has been downgraded by one level from [ICRA] A+ to [ICRA] A, while the outlook remains negative.

In its regulatory filing, Indigo said that ICRA has acknowledged the Company's strong market position, cost competitiveness and healthy liquidity profile amongst its peers but attributed the downgrade to prolonged disruption caused by the Covid-19 pandemic on the Company's financials.

ICRA expects the Indian airline industry to remain adversely impacted in the near term and recovery in passenger traffic and yields to be gradual. In line with the industry, the profitability of the Company is also vulnerable to volatility In fuel prices and foreign exchange.

18/09/21 IIFL Securities

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