CRISIL downgrades ratings of Thomas Cook India
15th Oct 2020

Credit rating agency -- CRISIL has downgraded its ratings on the bank facilities and debt programmes of Thomas Cook India (TCIL) to 'A+/CCR A+/Negative/ A1' from 'AA-/CCR AA-/Negative/A1+'. The rating action reflects weakening of TCIL's business and financial risk profiles owing to the adverse impact of the Covid-19 pandemic on the travel and tourism industry.

Continued travel restrictions and negative customer sentiments have severely impacted leisure and corporate travel, and the foreign exchange (forex) business. This may lead to operating losses during fiscal 2021 and substantially reduce the net free cash (over Rs 200 crore reported as on March 31, 2020).

Thomas Cook (India) is India’s leading integrated travel services company.