Fitch rates Bhadresh Trading BBB-(ind)

Fitch Ratings said it assigned Bhadresh Trading Corp. Ltd. a national long-term rating of BBB-(ind) rating, along with an F3(ind) rating to its Rs. 1.4 billion fund-based working capital facilities.

The outlook is stable.

The ratings reflect the company's position as India's leading cotton exporter, established and diversified customer relationships and moderate credit metrics, Fitch said.

The ratings are constrained by the risk of policy changes related to domestic prices and international trade of cotton, the agency said. Its margins are relatively thin at 2% to 3%, leaving the company exposed to adverse cotton price movements, Fitch added.

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