CRISIL has reaffirmed 'D' ratings on bank loan facilities of Kingfisher Airlines (KFAL). The ratings continue to reflect delays by KFAL in servicing its debt; the delays have been caused by the company's weak liquidity and continued losses at the operating level.

Losses in the past seven years have resulted in a complete erosion of KFAL's net worth, leading to its weak financial risk profile. Presently, the company does not carry out any commercial operations.