Investors in Japan Airlines dumped the troubled carrier’s shares this week after a government-appointed task force proposed its banks forgive Y250bn ($2.8bn) of its debt as part of a stepped-up restructuring plan.

Standard & Poor’s and Moody’s both downgraded JAL on Friday, citing concerns about the strength of government and bank commitments to the carrier as its financial situation deteriorates. S&P cut its long-term debt rating on JAL to B-, six notches below investment grade, while Moody’s downgraded an international unit of the carrier.