Fitch lowers Thomas Cook view to stable

Fitch Ratings said it revised Thomas Cook Group plc’s outlook to stable from positive.

The agency also said it affirmed the company’s long-term issuer default rating at B.

The senior unsecured notes issued by Thomas Cook Finance plc also were affirmed at B+ with recovery rating of RR3.

Developing competitive trends and Thomas Cook’s positioning in the tour operator and airline marketplace will continue to limit the momentum with which the business can strengthen the company’s free cash flow generation and credit profile, Fitch said.

But the agency also said it recognizes the group’s successful cost-cutting, which is expected to continue and will be supported by an on-going fleet renewal program.

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