Fitch gives Strands Textile, loan B-(ind)

Fitch Ratings said it assigned Strands Textile Mills Pvt. Ltd. a national long-term rating of B-(ind).

The outlook is stable.

The agency said it has also assigned B-(ind) ratings to Strands' Rs. 140.5 million term loans as well as to its Rs. 122 million cash credit limits and working capital demand loans.

Fitch said that the ratings are constrained by Strands' limited operating history of two years and high financial leverage of FY10 debt/EBITDA of 5.2x due to higher working capital requirements.

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