SpiceJet Secures Second Credit Rating Upgrade in a Month

GURUGRAM, September 23, 2025: SpiceJet has achieved a second credit rating upgrade in a month, signalling the company’s improved credit profile, strengthened liquidity position, and sustained focus on financial discipline. Acuité Ratings & Research has upgraded the airline’s long‐term credit rating to BB (Stable) from BB‐  (Stable).

The short‐term rating has been reaffirmed at A4+. Acuité, a SEBI‐registered credit rating agency, in a note highlighted SpiceJet’s ongoing fleet induction plans, successful settlement agreements with key lessors and robust operational roadmap as critical factors behind the upgrade.

Acuité had earlier upgraded the airline’s long‐term credit rating to BB‐ (Stable) and short‐term rating to A4+. Following additional information and clarity provided by the airline, the agency has now upgraded the rating further to BB (Stable). The ratings agency highlighted SpiceJet’s revival strategy, which includes inducting new leased aircraft over the coming months, nearly tripling daily flights to 280, and bringing back its own grounded aircraft into service.

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The recent settlement with Carlyle Aviation Partners will improve liquidity position by providing cash credits for future aircraft and engine maintenance, along with restructuring of lease debt liability by converting some portion of debt into airlineʹs ownership, it noted. Acuité highlighted the company’s experienced management and a diversified revenue model, led by Chairman and Managing Director Ajay Singh, who has over 15 years of aviation leadership experience and a proven track record in steering turnarounds.

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Debojo Maharshi, Chief Business Officer, SpiceJet, said, “The back‐to‐back upgrades in our credit ratings are a strong validation of SpiceJet’s consistent efforts to strengthen its financial foundation and build a resilient future. With fresh aircraft inductions, restructured agreements with lessors, and a focused strategy on growth and profitability, SpiceJet is well positioned to expand operations, enhance customer experience, and create long‐term value for all stakeholders.”

Acuité further emphasised that the airline’s diversified revenue streams and growing fleet capacity will significantly support SpiceJet’s revenue profile in the near to medium term.

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