Fitch rates PVN Tex loans B+(ind)

Fitch Ratings said it assigned PVN Tex Industries a national long-term rating of B+(ind), B+(ind) rating in its Rs. 50 million term loans, B+(ind) rating on its Rs. 60 million cash credit limits and F4(ind) rating on its Rs. 40 million non-fund based limits.

The outlook is stable.

Fitch said it has taken a consolidated view of both PVN Tex and PVN Fabrics, reflecting strong strategic linkages between the entities since they manufacture similar line of products and both firms are managed and controlled by the same sponsors.

The ratings benefit from the longstanding experience of its promoters in the more stable domestic woven sacks manufacturing market, the agency said.

The ratings are constrained by the small size of PVN Tex's operations and the commodity nature of its products and fluctuations in the prices of raw materials and finished goods, Fitch said.

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