JetBlue credit rating sinks deeper into junk, driven by fuel costs

S&P Global Ratings downgraded JetBlue Airways to CCC+ from B-. This move pushes the airline further into junk territory. High jet fuel prices are weakening cash flow and delaying profitability.

S&P projects a $1 billion free cash flow deficit for JetBlue in 2026. The agency does not expect positive free cash flow until 2028. High leverage makes the airline's capital structure potentially unsustainable over the long term.

S&P maintained a stable outlook for the carrier. JetBlue holds enough liquidity to cover deficits through 2027. The airline faces no significant debt maturities in the near term.