Jet, SpiceJet seek lease rent moratorium amid weak rupee, high oil prices

Jet has 124 aircraft in its fleet; 108 of these are on an operating lease

To avoid a default on loan payments, Jet Airways and SpiceJet have sought a moratorium on lease rent payment.

A weakened rupee, surge in crude oil prices and inability to raise fares have put pressure on all airlines, tightening their liquidity situation. In this backdrop, ratings agencies have downgraded the debt of all three listed airlines, including that of IndiGo, the market leader. 

CRISIL has downgraded the rating of SpiceJet's Rs 14.45-billion debt, from the earlier BBB to one of BB-minus. ICRA has downgraded the rating for IndiGo's Rs 80-billion loan to A+ from the earlier AA. 

A SpiceJet spokesperson said the airline