Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the Rating Rationale issued by CRISIL dated January 25, 2023, in relation to the ratings on the Bank Loan facilities, debt programme and Corporate Credit Rating of the Company. CRISIL has revised its rating outlook to 'Stable' from 'Negative' on the Bank facilities, reaffirming the ratings at 'CRISIL A+/Stable/CRISIL A1' and reaffirming corporate credit rating of Thomas Cook India Limited (TCIL) at 'CRISIL A+/Stable'.
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