CARE reaffirms the rating of Cox & Kings Commercial Paper issue

Credit rating agency, CARE has reaffirmed and enhanced the Commercial Paper issue carved out of sanctioned working capital limit of Cox & Kings from the existing Rs 920 Crores to Rs 965 Crores. The Rating has been reaffirmed as ‘A+’, instruments with this rating indicate very strong capacity for timely payment of financial obligations and carry lowest credit risk.

The rating agency has also reaffirmed and enhanced the long term bank facilities of the Company from existing Rs 1044 Crores to Rs 1089 Crores. The Rating has been reaffirmed as ‘AA’. Instruments with this rating indicate high safety for timely servicing of debt obligations and carry very low credit risk.

Cox & Kings is an India-based travel company engaged in tours and travel activities. The Company is engaged in providing various services, such as destination management, outbound tourism, business travel, incentive and conference solutions, domestic holidays, non-resident Indian (NRI), trade fairs, foreign exchange and insurance.