Shares in travel company Thomas Cook (TCG) rose after ratings agency Standard & Poor's (S&P) improved its outlook on the package holiday group. This follows an update in March when Thomas Cook revealed higher margins, despite ongoing trading pressures in Egypt and an emerging mini-break price war.
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In response, S&P has raised its outlook from 'stable' to 'positive', but will keep its overall rating of Thomas Cook as 'B' for now. That said, the agency said it fully expects the credit score will "continue to strengthen" as cost-saving initiatives lead to profit growth and debt reduction.