Fitch assigns Exotica B-(ind), loans B-(ind), F4(ind)

Fitch Ratings said it has assigned Exotica International a national long-term rating of B-(ind) with a stable outlook.

At the same time, the agency said it has assigned ratings to Exotica's bank loans, as follows:

• Rs. 125 million cash credit limits at B-(ind);

• Rs. 20 million of other fund-based facilities at F4(ind); and

• Rs. 25 million non-fund based facilities at F4(ind).

According to the agency, the ratings reflect Exotica's short track record in the garment and plastic industry, the fragmented nature of the sector as a result of intense competition and limited bargaining power, its strained liquidity position and increased working capital requirements in FY09.

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