Please see attached Press Release.
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Awaiting price reaction for this filing.
SpiceJet's long-term credit rating has been upgraded by Acuité Ratings from B+ (Stable) to BB- (Stable), with its short-term rating raised from A4 to A4+. The upgrade reflects a fresh infusion of funds from the promoter company in March 2025, following a Qualified Institutional Placement (QIP) in September 2024 that raised additional capital. SpiceJet still has approximately Rs. 300 crore of unutilised funds from the QIP as of March 31, 2025. The airline has also reduced its aircraft lease liabilities by negotiating settlements with lessors and has placed new orders for additional fleet under a wet-lease arrangement. This is the second rating upgrade in about 10 months, with CareEdge having assigned BB- (Stable) in January 2025.
Positive for shareholders — the rating upgrade signals improving financial health, better access to funding, and growing investor confidence. The stock may see a short-term positive reaction, though SpiceJet's financial risk profile remains weak and the airline is still exposed to fuel price and currency volatility.