As of the reporting date December 31, 2018, 10 months before the company filed for bankruptcy, Thomas Cook fell into the 'ccc' territory and was unable to recover. Thomas Cook's failure to recover was because of company-specific, as well as systemic issues, which resulted in mounting debts (the bulk of which were accumulated from its merger with MyTravel), falling returns, and a reluctance from lenders to extend financing. These issues included: A Fundamental View The analysis of the one-year Fundamental PD for Thomas Cook indicated that the company's implied credit scores were in the 'ccc' range for the final quarterly reporting periods December 31, 2018 and March 31, 2019.