Fitch cuts Diagold Designs to BB+

Fitch Ratings said it downgraded Diagold Designs Ltd.'s national long-term rating to BB+(ind) from BBB-(ind), short-term rating on its Rs.200 million fund-based working capital facility and its non fund-based working capital facility of Rs. 50 million to F4 from F3.

The outlook was revised to negative from stable.

The downgrade reflects the current pressures faced by the gem and jewelry sector due to weakened demand from key markets such as the United States, Europe and Asia, Fitch said.

The ratings factor in the support from its parent company, Goldiam International Ltd., which holds a 51% stake in the company.

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