Mumbai: Indian aircraft maintenance overhaul and repair company Air Works Thursday said that Crisil – has upgraded both its long-term as well as short-term ratings to BBB/Stable and Crisil A3+.
The upgrade reflects Crisil’s “expectation of a significant improvement in the credit risk profile of the Company over the medium term” a statement said.
These improvements are the result of a change in the company’s strategy that now increasingly centres around India and South Asia, said the company.
“Over the past 18 months, Air Works has been steadily increasing its capacity utilization and has signed several long-term maintenance contracts with leading airlines and global OEMs such as Boeing & Embraer,” it added.
It has also sold certain non-core parts of its portfolio – including Air-Livery, Argus, and parts of ATE France, utilizing the proceeds to cut debt by 60% and expand its footprint to Kochi.
Source: Economic Times