Tourism Finance Corporation of India Limited — Credit Ratings, 29-07-2025: Credit Rating

Brickwork Ratings has reaffirmed Tourism Finance Corporation of India's (TFCI) credit rating at BWR A+/Stable, highlighting its strong financial position. Key factors include robust capitalisation with CAR at 69.70% and low gearing at 0.72x, coupled with an experienced management team. TFCI also maintains adequate liquidity, supported by over Rs. 314 Cr in cash and liquid investments. While loan book growth has been marginal and asset quality remains volatile (GNPA at 3.22%), the stable outlook reflects confidence in its core strengths. This reaffirmation is a positive for investor perception and provides financial flexibility for TFCI's strategic objectives.