On 24 June 2025, CRISIL Ratings has published an update stating “CRISIL D – Issuer Not Cooperating”. We would like to clarify that this does not reflect the current credit standing of the company.
As on date, SpiceJet (the company) is rated CARE BB-; Stable / CARE A4 by CARE Ratings, which remains valid. This rating highlights the company's adequate liquidity position and anticipates an operational turnaround supported by recent fundraises and the promoter's long-standing experience in the industry. The Company also maintains a consistent track record of efficiently utilizing its operational fleet.
It may also be noted that the CRISIL rating was linked only to a non-fund-based facility of ₹220 crore from Indian Bank, which has since been substantially reduced to Rs 9.02 crore as of March 31, 2025. The facility no longer holds material significance in the Company's overall banking exposure.
We reaffirm that the company continues to maintain its credit discipline and positive banking relationships.