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Fitch affirms Bhadresh Trading
Fitch Rating said it affirmed Bhadresh Trading Corp. Ltd.'s national long-term rating at BBB-(ind), along with its Rs.3.75 billion fund-based working capital facilities, enhanced from Rs. 1.4 billion, at F3(ind).
The outlook is stable.
The ratings continue to reflect the company's strong track record in trading of cotton, position as India's leading cotton exporter and diversified customer relationships, Fitch said.
The agency noted that cotton prices volatility inherently exposes the company to margin volatility and risks of adverse working capital movements.
The ratings are primarily constrained by pricing and inventory risks, Fitch added.
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