Crisil reaffirms Thomas Cook India’s AA/Stable and A1+ credit ratings

Crisil reaffirmed Thomas Cook India’s AA/Stable long-term and A1+ short-term ratings, covering ₹433 crore of bank loan facilities and a ₹50 crore commercial paper programme.

— Source publishedTue, 22 Sept, 2026, 06:35 IST·First seen Tue, 22 Sept, 2026, 09:32 IST·Source The Hindu BusinessLine

What happened

Thomas Cook (India) · Crisil reaffirmed Thomas Cook India’s AA/Stable long-term and A1+ short-term ratings, covering ₹433 crore in bank facilities and its ₹50

Key facts

  • AA/Stable long-term rating
  • A1+ short-term rating
  • ₹433 crore bank loan facilities
  • ₹50 crore commercial paper programme

Why this matters

Maintained investment-grade ratings strengthen Thomas Cook India’s capacity to evaluate partnerships or acquisitions with lower perceived financing risk.

What to watch

  • Any CRISIL commentary on revenue recovery, leverage, liquidity, debt protection metrics or outlook changes.
  • Commercial-paper utilization, bank-facility drawdowns and refinancing terms.
  • Outbound leisure, corporate-travel and foreign-exchange demand trends, especially during peak booking seasons.
  • Airfare inflation, visa-policy changes, geopolitical disruptions and destination-specific travel advisories.
  • Margin performance and working-capital intensity from supplier advances, receivables and package inventory.
  • Maintain or renew bank working-capital lines and commercial-paper issuance ahead of peak travel periods.
  • Use funding flexibility to increase holiday-package inventory, strengthen digital booking capabilities, and add distribution partnerships.
  • Prioritize debt discipline and liquidity buffers to protect the Stable rating outlook while pursuing growth.
  • Leverage stronger credit standing in supplier negotiations for payment terms, allocations and promotional support.

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