Fitch rates Krishna Knitwear loans BBB+(ind)

Fitch Ratings said it assigned Krishna Knitwear Technologies Ltd. a national long-term rating of BBB+(ind), F2(ind) rating on its non fund-based limits aggregating Rs. 1.95 million, BBB+(ind)/F2(ind) to its fund-based limits aggregating Rs. 4.127 million and BBB+(ind) rating on its long term loans aggregating Rs. 6.594 million.

The outlook is stable.

The ratings reflect the integrated nature of the company's operations from yarn to finished fabric, its focus on the domestic textile market and long operating history spanning 26 years, Fitch said.

The ratings also take into account the large size of the company's operations, with revenues of Rs. 14.946 million in 2008, the agency said.

The ratings are constrained by an expectation of pressure on demand growth, lower prices due to increased competition and consequent margin pressures for the domestic textile sector, Fitch said.

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