{"id":21557,"date":"2025-08-26T00:09:33","date_gmt":"2025-08-25T18:39:33","guid":{"rendered":"https:\/\/pulseonline.co\/?page_id=21557"},"modified":"2025-09-23T20:20:42","modified_gmt":"2025-09-23T14:50:42","slug":"a-historic-milestone-crisil-upgrades-thomas-cook-india-group-to-highest-ever-rating","status":"publish","type":"page","link":"http:\/\/pulseonline.co\/index.php\/a-historic-milestone-crisil-upgrades-thomas-cook-india-group-to-highest-ever-rating\/","title":{"rendered":"A Historic Milestone! CRISIL Upgrades Thomas Cook India Group to its Highest-Ever Rating for a Travel and Tourism Company in India"},"content":{"rendered":"<p><a href=\"http:\/\/pulseonline.co\/wp-content\/uploads\/2025\/08\/IMAGE.jpg\"><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-21561 aligncenter\" src=\"http:\/\/pulseonline.co\/wp-content\/uploads\/2025\/08\/IMAGE-1024x576.jpg\" alt=\"\" width=\"546\" height=\"307\" srcset=\"http:\/\/pulseonline.co\/wp-content\/uploads\/2025\/08\/IMAGE-1024x576.jpg 1024w, http:\/\/pulseonline.co\/wp-content\/uploads\/2025\/08\/IMAGE-300x169.jpg 300w, http:\/\/pulseonline.co\/wp-content\/uploads\/2025\/08\/IMAGE-768x432.jpg 768w, http:\/\/pulseonline.co\/wp-content\/uploads\/2025\/08\/IMAGE-1536x864.jpg 1536w, http:\/\/pulseonline.co\/wp-content\/uploads\/2025\/08\/IMAGE-533x300.jpg 533w, http:\/\/pulseonline.co\/wp-content\/uploads\/2025\/08\/IMAGE.jpg 1600w\" sizes=\"(max-width: 546px) 100vw, 546px\" \/><\/a><\/p>\n<p>We have reason to celebrate! In June 2025, CRISIL has upgraded the long-term rating and corporate credit rating (CCR) of <strong>Thomas Cook (India) Limited<\/strong> (TCIL) to <strong>\u2018CRISIL AA\/Stable\u2019 <\/strong>\u2014 the highest credit rating in our Company\u2019s history. Even more remarkable, this is also the <strong>highest rating ever achieved by a travel and tourism company in India.<\/strong><\/p>\n<p><span data-huuid=\"12241254088953382005\">This upgrade reflects the company&#8217;s strong business risk profile, sustained profitability, healthy financial performance with double-digit revenue growth in fiscal 2025, and strong liquid surpluses, all supported by the continued trust of its parent,\u00a0<span class=\"M5tQyf\"><a class=\"DTlJ6d\" href=\"https:\/\/www.google.com\/search?rlz=1C1VDKB_enIN992IN993&amp;cs=0&amp;sca_esv=e7c1514da748dd1c&amp;sxsrf=AE3TifPsV7lYT5mmvQbtzxKpyAfMfe8X-w:1756122876604&amp;q=Fairfax+Financial+Holdings&amp;sa=X&amp;ved=2ahUKEwj3tsHB86WPAxUmzzgGHVH1BNYQxccNegQIBRAB\" target=\"_blank\" rel=\"noopener\" data-hveid=\"CAUQAQ\">Fairfax Financial Holdings<\/a>.<\/span><\/span><\/p>\n<p>CRISIL has upgraded the credit ratings on the long-term bank facilities and corporate credit ratings of Thomas Cook (India) Limited and our key group companies.<\/p>\n<p><strong>SOTC Travel<\/strong> has also been upgraded to<strong> CRISIL AA\/Stable<\/strong>, <strong>TC Tours<\/strong> has been upgraded to <strong>CRISIL AA-\/Stable<\/strong>, while <strong>Travel Corporation India<\/strong> has been upgraded to <strong>CRISIL AA\/Stable.<\/strong><\/p>\n<p>This recognition is a powerful endorsement of who we are today: <strong>a strong, resilient, and future-ready organisation.<\/strong><\/p>\n<p><span style=\"color: #0000ff;\"><strong>About CRISIL<\/strong><\/span><\/p>\n<p>CRISIL Limited, formerly\u00a0Credit Rating Information Services of India Limited, is an Indian analytical company providing ratings, research, and risk and policy advisory services and is a subsidiary of the American company\u00a0<span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/en.wikipedia.org\/wiki\/S%26P_Global\">S&amp;P Global<\/a>.<\/span><\/p>\n<p>CRISIL, was the first credit rating agency in India, introduced in 1988 by\u00a0<a href=\"https:\/\/en.wikipedia.org\/wiki\/ICICI\"><span style=\"color: #0000ff;\">ICICI<\/span><\/a>\u00a0and\u00a0<span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/en.wikipedia.org\/wiki\/Unit_Trust_of_India\">UTI<\/a>\u00a0<\/span>jointly, with share capital coming from <span style=\"color: #0000ff;\">SBI<\/span>, <span style=\"color: #0000ff;\">LIC<\/span> and <span style=\"color: #0000ff;\">United India Insurance Company<\/span>. In April 2005, US based credit rating agency <span style=\"color: #0000ff;\">S&amp;P<\/span> acquired the majority shares of the company.<\/p>\n<p><span style=\"color: #0000ff;\"><strong>What\u2019s Behind the Upgrade?<\/strong><\/span><\/p>\n<ul>\n<li><strong>Leadership across businesses<\/strong>: Our Group holds a strong position in Travel and Foreign Exchange, with healthy contributions from Hospitality and Digi-photo Imaging (DEI).<\/li>\n<li><strong>Stronger performance<\/strong>: We reported an <strong>11% year-on-year revenue growth in FY25<\/strong>, crossing <strong>\u20b98,251 crore<\/strong>\u2014with the Travel segment leading at 15% growth, followed by steady gains in Forex and Hospitality.<\/li>\n<li><strong>Smart cost management<\/strong>: Initiatives like automation and branch optimisation have strengthened margins and boosted return on capital employed (ROCE).<\/li>\n<li><strong>Financial resilience<\/strong>: With healthy cash balances of over \u20b92,000 crore and annual cash accruals of \u20b9300 crore-plus, our Group is in a strong position to invest, grow, and weather any challenges.<\/li>\n<li><strong>Global stability<\/strong>: The upgrade of our parent, <strong>Fairfax Financial Holdings Ltd<\/strong>, by S&amp;P Global Ratings further enhances confidence in our long-term strength and backing.<\/li>\n<\/ul>\n<p><span style=\"color: #0000ff;\"><strong>A Group-wide Success<\/strong><\/span><\/p>\n<p>CRISIL\u2019s assessment reflects the combined strength of the entire <strong>Thomas Cook India Group<\/strong>\u2014including <strong>Sterling Holiday Resorts, SOTC, TCI, DEI<\/strong> and our international arms. Together, our collective efforts and integration have delivered the performance that led to this historic recognition.<\/p>\n<p><span style=\"color: #0000ff;\"><strong>From Our MD &amp; CEO<\/strong><\/span><\/p>\n<p><strong>Mahesh Iyer,<\/strong> our MD &amp; CEO, proudly said: \u201cThis upgrade in CRISIL\u2019s long-term rating to \u2018AA\/Stable\u2019 represents the highest credit rating in Thomas Cook India&#8217;s history. Also, this is the highest credit rating for any travel and tourism company in India. As leaders in India\u2019s travel &amp; tourism industry, it reflects our growth in earnings, strong balance sheet, long-term resilience and sustainability measures\u2014coupled with the upgrade in our parent company\u2019s credit rating. This recognition enhances our ability to scale with confidence and deliver greater value to our customers and stakeholders.\u201d<\/p>\n<p><span style=\"color: #0000ff;\"><strong>What It Means for Us<\/strong><\/span><\/p>\n<p>This achievement is more than just a rating \u2014 it is a reflection of our <strong>collective hard work, resilience, and commitment<\/strong> across every level of the organisation. It validates our ability to innovate, adapt, and succeed in an industry that is constantly evolving.<\/p>\n<p>As we celebrate this milestone, let us look ahead with renewed pride and confidence. Together, we will continue to build on this strong foundation and shape a future filled with opportunity.<\/p>\n<p><strong>Congratulations to the entire Thomas Cook India Group family\u2014this success belongs to all of us!<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>We have reason to celebrate! In June 2025, CRISIL has upgraded the long-term rating and corporate credit rating (CCR) of Thomas Cook (India) Limited (TCIL) to \u2018CRISIL AA\/Stable\u2019 \u2014 the highest credit rating in our Company\u2019s history. Even more remarkable, this is also the highest rating ever achieved by a travel and tourism company in&#8230; <\/p>\n<div class=\"link-more\"><a href=\"http:\/\/pulseonline.co\/index.php\/a-historic-milestone-crisil-upgrades-thomas-cook-india-group-to-highest-ever-rating\/\">Read More<\/a><\/div>\n","protected":false},"author":19,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"_links":{"self":[{"href":"http:\/\/pulseonline.co\/index.php\/wp-json\/wp\/v2\/pages\/21557"}],"collection":[{"href":"http:\/\/pulseonline.co\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"http:\/\/pulseonline.co\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"http:\/\/pulseonline.co\/index.php\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"http:\/\/pulseonline.co\/index.php\/wp-json\/wp\/v2\/comments?post=21557"}],"version-history":[{"count":7,"href":"http:\/\/pulseonline.co\/index.php\/wp-json\/wp\/v2\/pages\/21557\/revisions"}],"predecessor-version":[{"id":22048,"href":"http:\/\/pulseonline.co\/index.php\/wp-json\/wp\/v2\/pages\/21557\/revisions\/22048"}],"wp:attachment":[{"href":"http:\/\/pulseonline.co\/index.php\/wp-json\/wp\/v2\/media?parent=21557"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}