CRISIL Reaffirms Thomas Cook India’s Corporate Credit Rating at ‘CCR AA-‘

The CRISIL Credit Ratings, dated November 22, 2019, communicated to Thomas Cook (India) Ltd., and uploaded on its portal, has reaffirmed its corporate credit rating of ‘CCR AA-/ stable’ to Thomas Cook (India) Ltd. (TCIL). Additionally, CRISIL has reaffirmed its rating on the debt programmes and bank facilities of Thomas Cook (India) Limited at ‘CRISIL AA-/Stable/CRISIL A1+’.

CRISIL’s credit bulletin retains Thomas Cook India’s rating reflecting the Company’s healthy business risk profile, driven by its dominant position in the foreign exchange business and strong brand equity in travel-related services, a comfortable capital structure, and strong liquidity.

Madhavan Menon, Chairman & Managing Director, Thomas Cook (India) Ltd., said, “CRISIL’s reaffirmed ratings continue to reiterate independent Thomas Cook India’s sound financial position and strong leadership. The reaffirmation comes close to the announcement of Thomas Cook India’s completion of the demerger of our Human Resource Services Business India into Quess Corp; the demerger of the inbound business of Travel Corporation India into SOTC Travel and the amalgamation of the residual Travel Corporation India Ltd, TC Travel Services Ltd and TC Forex Services Ltd. with Thomas Cook India.”

He reiterated, “With the realignment of the travel businesses of TCIL and consolidation of the human resource services business into Quess Corp., the CRISIL reaffirmation serves as a further reassurance to our customers and stake-holders of our dominant position in the forex business, strong brand equity in the travel-related services and sustained growth trajectory that Thomas Cook India continues to chart.”