CRISIL Ratings reaffirmed Thomas Cook India's ratings, citing Fairfax Financial Holdings' support

Thomas Cook (India) Ltd. announced that CRISIL Ratings has reaffirmed its ratings on various instruments, including Long Term at CRISIL AA/Stable, Short Term at CRISIL A1+, and a Corporate Credit Rating of Rs. 50 crore at CRISIL AA/Stable, all with RBI approvals, alongside reaffirming the Commercial Paper at CRISIL A1+. The rating agency also noted an expected consolidated operating income to sustain above Rs. 7,500 crore over the medium term, with Rs. 2,650 crore in cash and short-term investments as of June 30, 2026, and highlighted the company’s benefits from support from Fairfax Financial Holdings Ltd., rated ‘A-/Stable’ by S&P Global Ratings, alongside a stable outlook and expectations of moderation in EBITDA margins remaining above 5% in fiscal 2027, while also reaffirming ratings on several subsidiaries and debt instruments across IndusInd Bank Limited, ICICI Bank Limited, Kotak Mahindra Bank Limited, and RBL Bank Limited.