Jet Airways India Ltd shares close 4.8 percent higher after ICRA downgrades 32.10 billion rupees ($531 million) of the carrier's long-term debt to "D" from "BB."
Instruments with 'D' rating are in default or are expected to be in default soon, as per ICRA rating scale.
"The ratings revision reflects delays in debt servicing by the company," ICRA says.
Jet Airways terms ICRA's statement "disappointing".
The company adds the delay in debt servicing had occurred and was resolved in the previous financial year.
Jet says it is "current on all its loan obligations and interest payments."
(1 US dollar = 60.4500 rupees)