This disclosure is being made pursuant to Regulation 30 of the SEBI LODR Regulations. This is to inform that "ICRA limited" has reaffirmed the Companys 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. ICRA has acknowledged the Companys 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 Companys 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 profitability of the Company is also vulnerable to volatility In fuel prices and foreign exchange. You are requested to kindly take the same Information on record.
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