CRISIL upgrades Thomas Cook's credit rating

Updated: Oct 3 2023 10:05PM

Mumbai, Oct 3 (PTI) Omnichannel travel services firm Thomas Cook (India) Ltd on Tuesday said CRISIL has upgraded its credit rating both in the short- and long-term.

"CRISIL has upgraded rating on the bank facilities of Thomas Cook (India) Ltd (TCIL) to 'CRISIL AA-/Stable/CRISIL A1+," TCIL said a statement.

The rating upgrade in the long term to 'AA-/Stable' from 'CRISIL A+/Stable' and in the short term to 'CRISIL A1+' from 'CRISIL A1' reflects Thomas Cook India Group's strong scale-up in revenue across businesses and expectations of sustained momentum driven by brisk revival in demand after the pandemic-induced disruptions, according to the company's statement.