Thomas Cook - RATING REPORT
RATING RATIONALE
• We affirm our B+ corporate credit rating on Thomas Cook.
• Our rating acknowledges the company’s decent performance in FY16/17, a year with substantially fewer industry shocks compared with FY15/16 (terrorism in France, Turkish coup…). On one hand, volumes were strong, reflecting both i) offer adjustments made last year with additional capacity secured in popular and perceived safe destinations such as Spain, Greece or long-haul; and, ii) recovery in Turkey and Egypt (+25% and 51% year-on-year respectively) where Thomas Cook is the market leader.
Spread Research is France's first Rating Agency, registered by ESMA (European Securities and Markets Authority) and a leading European Independent Credit Research firm, founded in 2004 and based in Lyon, France. Our experienced team offer key research services using a wide range of investment strategies and research methodologies for the High Yield, Emerging Markets, Convertibles and Loan Markets.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.