Thomas Cook India’s credit rating upgraded to ‘CRISIL AA- / Stable’ (Long Term) & ‘CRISIL A1+’ (Short Term)

CRISIL has upgraded its rating on the bank facilities of Thomas Cook (India) Limited (TCIL), at ‘CRISIL AA- / Stable / CRISIL A1+’.

The upgrade of the long term to ‘AA- / Stable’ from ‘CRISIL A+/ Stable’ and short term rating to ‘CRISIL A1+’ from ‘CRISIL A1’ reflects the Thomas Cook India Group’s strong scale up in revenue across businesses and expectations of sustained momentum driven by brisk revival in demand post pandemic induced disruptions. The ratings are indicative of TCIL’s strong business risk profile with leadership position in travel and foreign exchange segments and healthy presence in hospitality (Sterling Holiday Resorts) and digi-photo imaging (DEI) segments. The Company has also improved its financial risk profile following sharp revival in business activity. The upgraded ratings factor in the strong parental support from Fairfax Financial Holdings Ltd.