Debt restructuring imminent in Indian cotton textile
17 Jan '12
3 min read
In YTD FY12 (end-March), Fitch has downgraded two textile companies by one notch to 'Fitch B+(ind)', revised the Outlooks of four companies to Negative from Stable, downgraded, six textile companies to 'Fitch D(ind)' and assigned two companies 'Fitch D(ind)'.
Fitch has outstanding ratings on 54 textile companies, (excluding those in the non-monitored category), out of which two-thirds are cotton-textile companies, and one-thirds are in synthetic or blended textiles. Fitch has largely factored in the impact of cotton price volatility and refinancing risks in its ratings of Indian textile manufacturers, with 80% of the cotton textile entities rated 'Fitch BB+(ind)' and below.
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