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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. (Brickwork) and Acuite Rating & Research Ltd. (Acuite). CARE has reaffirmed the rating of “CARE A+” for long term unsecured bonds. BWR has downgraded its rating from ‘BWR AA -’ (outlook: Negative) to ‘BWR A+’ and Acuite has also re-affirmed a rating of “Acuite AA-” (outlook: Negative). The rating rationale of all rating agencies are enclosed.

Rating Agency Date of Rating Rating (Amount – Rs. in crore) Rating Action Rationale
Long-term Bonds Bank Borrowings
CARE 08.05.2020 A+
Outlook: Negative
-- Reaffirmed CARE
Brickwork 28.05.2020 BWR A+
Outlook: Negative
Outlook: Negative
Rating Downgraded Brickwork

(erstwhile SMERA Ratings Ltd)
05.12.2019 AA-
Outlook: Negative
-- Reaffirmed ACUITE

NCD: Non-Convertible Debentures


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