Fitch gives Wearit B-(ind)

Fitch Ratings said it assigned Wearit Global Ltd. a national long-term rating of B-(ind) with a stable outlook.

The agency said it has also assigned ratings to the company's bank loans, as follows: Rs. 50 million term loan at B-(ind); Rs. 40 million cash credit limits at B-(ind); Rs. 50 million fund-based facilities for packing credits at F4(ind); and Rs. 50 million non-fund based facilities at F4(ind).

Wearit's ratings reflect its relatively small scale of trading business in India's fragmented textile industry, resulting in intense competition and limited bargaining power, its strained liquidity position and increased working capital requirements, Fitch noted.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.