Fitch lowers Ginni Filaments

Fitch Ratings said it downgraded Ginni Filaments Ltd.'s national long-term issuer rating and bank term loans to D(ind) from BB(ind) after the company defaulted in repayment of its debt obligations.

The agency said the downgrade reflects the company's inability to repay its debt obligations led by the downside scenario in the Indian textile industry, on account of inflation-led high raw material costs, power costs and wages as well as weaker global consumption.

Ginni is under the process of filing a Corporate Debt Restructuring proposal, Fitch said.

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