LONDON (dpa-AFX) - Standard & Poor's or S&P Rating Services has lifted its outlook on Tour operator Thomas Cook Group Plc (TCKGY.PK, TCG.L) from Stable to Positive, following a detailed financial review of the Group's progress in implementing its Transformation strategy. S&P's rating of the Group remains unchanged at 'B' for the moment.
According to Standard & Poor's, the operating performance of Thomas Cook Group plc has improved thanks to the ongoing implementation of its turnaround strategy. S&P anticipates that its credit metrics would continue to strengthen as cost-saving initiatives as part of its turnaround strategy lead to EBITDA growth and debt reduction. The positive outlook reflects the likelihood of an upgrade within the next year, provided the positive operating trends continue to enhance the Group's profitability and credit measures.
Commenting on this, Group Chief Executive, Harriet Green, said: 'This is another milestone in the rapid delivery of our strategy of sustainable profitable growth. We are very pleased that S&P has recognised the pace and extent of our transformation and we appreciate its confidence in our ability to maintain the momentum. As we reported last month, our cost out and profit improvement programme is delivering ahead of schedule and we have reached our target for disposals of non-core interests 18 months early.'
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