JetBlue Airways faced downgrades from S&P and Moody's after announcing plans to raise over $3 billion in debt, mostly backed by its loyalty program, TrueBlue. S&P lowered JetBlue's rating due to concerns about its financial health, while Moody's downgraded it, citing long-term challenges in improving profitability and cash flow. The airline plans to fund through a mix of senior secured notes, term loans, and convertible notes, largely to refinance existing debt. Fitch Ratings maintained a stable outlook, though it warned of potential future downgrades if profitability doesn't improve. JetBlue's operations are also hindered by issues with Pratt & Whitney's engines, causing aircraft groundings.