The outlook on the assigned ratings continues to be negative. Previous rating action was announced on March 1, 2018, said press release on Friday.

Revision in ratings incorporates continuity of losses in the on-going year primarily on account of higher fuel prices and rupee depreciation.

Shaheen had incurred a sizeable loss in fiscal year 2016-17 due to delays in permission from regulator to increase frequency on existing routes and losses incurred on selected routes.