CRISIL reaffirms Thomas Cook’s credit ratings on strong parent support from Fairfax and healthy liquidity

CRISIL has reaffirmed its ratings assigned to the bank facilities, debt programmes and corporate credit rating of Thomas Cook (India) Limited (TCIL), India’s leading integrated travel services company, at “‘A+/CCR A+/Negative/CRISIL A1’/ Stable”.

According to the regulatory filing, the reaffirmation reflects the strong parent support from Fairfax Financial Holdings Ltd, healthy liquidity in the form of cash & cash equivalents against limited external debt supporting the capital structure. Further, the Company’s net debt continues to be negative. The ratings also factor in the Thomas Cook India Group’s dominant position in the foreign exchange business and strong brand equity in travel-related services.

Madhavan Menon, Managing Director, Thomas Cook (India) Limited said, “The reaffirmation of the rating from CRISIL is a reassurance of our sound business fundamentals and financial management, despite the headwinds brought on by the pandemic. Factored in equally,…

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