Thomas Cook rises on NCD rating upgrade

ICRA has upgraded Rs 200cr NCD programme to AA/Stable from AA-/Stable

Shares of Thomas Cook were up nearly 2% at Rs 222 after the company said that rating agency ICRA has upgrade its non-convertible debenture (NCD) programme.

Rating agency ICRA has upgraded the Rs 200 crore NCD programme to 'ICRA AA/Stable' from 'ICRA AA-/Stable', assigned earlier, the company said in a release.

"The rating of 'AA' from ICRA is a reassurance of our sound business fundamentals and efficient execution. The ICRA rating represents our strong market credibility and sound financial management," said Madhavan Menon, managing director, Thomas Cook (India) Ltd.

Further, CRISIL has assigned long term rating of CRISIL AA-/stable outlook to the non-convertible debenture programme and short term rating of CRISIL A1+ to the company's banking facilities, the release added.

The stock opened at Rs 220 and touched a intra-day high of Rs 226. At 12:15PM, Over 121,000 shares were traded on both the stock exchanges.