Moody’s says IndiGo faces financial and reputational damage after 1,600 flight cancellations due to poor planning for aviation regulations, calling the disruptions credit negative.

IndiGo CEO Pieter Elbers and COO Isidre Porqueras have filed replies to the show cause notices issued by the aviation safety regulator DGCA over the airline’s massive flight disruptions, an airline source said on Monday.

Rating agency Moody’s on Monday upgraded the rating of two entities of Adani Green Energy Limited (AGEL) — AGEL-RG1 and AGEL-RG2 — to ‘Ba1/Stable’ from the earlier ‘Ba1/Negative’.