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Fitch rates Thomas Cook notes B+
Fitch Ratings said it has assigned Thomas Cook Finance plc's issue of €400 million of fixed-rate senior notes due 2021 a senior unsecured rating of B+/RR3.
The fixed-rate notes are guaranteed by Thomas Cook Group plc (B/stable).
The rating is one notch higher than the issuer default rating due to expected good recovery prospects under a going concern scenario, the agency said.
The proceeds will be used to pre-fund the company's €400 million of 6¾% notes due in 2015. Concurrent with the bond issue will be the cancellation of the additional bank facility that was arranged in May 2013 to support the repayment of the 2015 bond, Fitch said.
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