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Credit-Rating

Credit Rating of Tourism Finance Corporation of India Ltd.

The debt issues of TFCI were rated by CARE Ratings Ltd. (CARE), Brickwork Ratings India (P) Ltd. (BWR) and SMERA Ratings Ltd. (SMERA). CARE has reaffirmed the rating of “CARE A+” for long term unsecured bonds and assigned rating of A1+ for Commercial Papers. Rating was taken from Brickwork Ratings India (P) Ltd. (BWR) and SMERA. BWR has reaffirmed its rating of ‘BWR AA -’ (outlook: Stable) and SMERA has assigned a rating of “SMERA AA -” (outlook: Stable). The rating rationale is enclosed.

Agency Instrument type TFCI Limited
CARE NCD CARE A+
Commercial Paper CARE A1+

Brickwork

NCD BWR AA- (Stable)
Bank Borrowings
SMERA NCD SMERA AA- (Stable)

NCD: Non-Convertible Debentures

Note:

  1. The rating reflects company’s high degree of safety and timely servicing of financial obligation.
  2. Ratings by various agencies for Tourism Finance Corporation of India Ltd. are subject to regular revisions.

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