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Kitex Garments Credit Rating Affirmed at IND A; Outlook Revised to Negative
India Ratings and Research has affirmed Kitex Garments' credit rating at IND A/IND A1 for bank facilities totaling ₹3,479.8 million. Crucially, the rating agency has revised the outlook to 'Negative' for both existing and newly assigned facilities. This revision indicates potential credit risks or deteriorating financial metrics that could lead to a downgrade in the future. Investors should note that ₹1,039.8 million in new facilities were also assigned this negative outlook.
Key Highlights
India Ratings affirmed the long-term rating at 'IND A' and short-term rating at 'IND A1'
The outlook on the company's bank facilities has been revised to 'Negative'
Total rated bank facilities amount to ₹3,479.8 million (approximately ₹348 crore)
Ratings were affirmed for ₹2,440 million and newly assigned for ₹1,039.8 million in facilities
💼 Action for Investors
Investors should exercise caution as the negative outlook signals potential financial stress or operational headwinds. Monitor upcoming quarterly results for improvements in margins and debt-servicing capabilities.