CRISIL Upgrades Thomas Cook India to ‘AA/Stable’; Highest Credit Rating in Indian Travel Sector

Mumbai, June 24, 2025 — Thomas Cook (India) Ltd (BSE: 500413, NSE: THOMASCOOK) has reached a major milestone: CRISIL has raised its long-term credit rating to “CRISIL AA/Stable,” which is the highest grade ever given to a travel and tourism company in India. Also, its short-term rating has been confirmed as “CRISIL A1+.”

S&P Global Ratings raised the rating on the parent company’s loan facilities from “BBB+/Positive” to “A-/Stable,” which led to the improvement in rating. S&P Global Ratings raised the company’s rating because its capitalisation got better, thanks to better earnings and capital management. S&P Global Ratings has also changed its outlook for Fairfax ratings to stable. This is because it expects good earnings from underwriting and investment activities, while keeping extremely strong capitalization.

Rating Action Summary

The upgrade is a recognition of Thomas Cook’s strong business risk profile, sustained profitability, and improved liquidity, supported by continued backing from its parent Fairfax Financial Holdings, which also received a credit rating upgrade to ‘A-/Stable’ by S&P.

Financial Highlights (FY25)

Thomas Cook (India) Ltd (BSE: 500413, NSE: THOMASCOOK) has reached a major milestone: CRISIL has raised its long-term credit rating to “CRISIL AA/Stable,” which is the highest grade ever given to a travel and tourism company in India. Also, its short-term rating has been confirmed as “CRISIL A1+.”

Management Commentary

Mahesh Iyer, MD & CEO, stated:

“This upgrade to ‘CRISIL AA/Stable’ represents the highest credit rating in Thomas Cook India’s history and the highest in the travel and tourism industry in India. It reflects our growth in earnings, a strong balance sheet, and long-term sustainability — backed by the upgrade of our parent Fairfax to ‘A-/Stable’. This recognition enhances our ability to scale with confidence.”

Strategic Context

CRISIL’s consolidated rating analysis includes Thomas Cook’s subsidiaries, such as:

• Sterling Holiday Resorts
• SOTC Travel Ltd
• Travel Corporation India Ltd
• TC Tours
• Travel Circle International (India and Mauritius)
• Horizon Travel Services LLC
• Digiphoto Entertainment Imaging (DEI)

These entities operate with substantial integration and strategic importance across 28 countries on five continents.

About the Company

Established in 1881, Thomas Cook (India) Ltd is a leading omnichannel travel services provider offering Foreign Exchange, Corporate Travel, MICE, Leisure, Visa, and Value-Added Services. With a vast portfolio of B2B and B2C brands, it is promoted by Fairbridge Capital (Mauritius), a Fairfax Financial Holdings Ltd subsidiary holding a 63.83% stake.

The company has won multiple accolades, including the ET MICE Travel Agency Award 2024, India Risk Management Awards 2024, and Best Tour Operator awards at SATTE and Times Travel Awards in recent years.

SEBI Regulation Reference: Disclosure is made under Regulation 30 of SEBI (LODR) Regulations, 2015.

For further details, visit www.thomascook.in.

REF: https://nsearchives.nseindia.com/corporate/THOMASCOOK_24062025112504_Press_release.pdf

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