Jet Airways (JAI, Mumbai International) has defaulted on some of its debts due for repayment at the end of 2018 and had, in consequence, its long-term credit rating lowered to very high-risk level, the Times of India has reported.

"Payment of interest and principal instalment due to the consortium of Indian Banks (led by State Bank of India) on December 31, 2018, has been delayed due to temporary cashflow mismatch and the company has engaged with them in relation to the same," the struggling carrier said in a Bombay Stock Exchange filing.

As a result, Moody's-owned ICRA credit rating agency lowered Jet Airways' long-term credit rating from ICRA B (high risk of default) to ICRA C (very high risk of default).

At the end of September 2018, Jet Airways had around INR81 billion rupee (USD1.1 billion) in debts, with over INR15 billion rupees (USD210 million) due for repayment by the end of March 2019. Jet Airways is in talks with its 24% owner Etihad Airways and with other entities, including Tata Sons, regarding recapitalisation and new bank guarantees.