ICRA downgrades Jet's long-term ratings to 'C'

Credit rating agency ICRA Friday downgraded cashstrapped Jet Airway's longterm ratings from 'B' to 'C', the second such action by it since October. The shortterm ratings have, however, been reaffirmed to 'A4'. The rating downgrade considers delays in the implementation of the proposed liquidity initiatives, further aggravating its liquidity, as reflected in the delays in employee salary payments and lease rental payments to the aircraft lessors, it said.