CARE revises rating of Provogue’s bank facilities

Credit rating agency, CARE has revised rating of Provogue’s long term bank facilities worth Rs 223.63 crore to ‘BBB’ from ‘BBB+’. The rating agency has also revised rating of company’s short term bank facilities worth Rs 30.47 crore to ‘A3’ from ‘A3+’. The revision in the ratings assigned to the bank facilities of Provogue (India) factors in the deterioration in operational and financial performance of the company during FY14 (refers to the period April 1 to March 31) and H1FY15.

Provogue (India) is engaged in the manufacture, sale and retail of the fashion apparel products and accessories for men and women under its well-known brand ‘Provogue’. PIL operates in the lifestyle retail segment through more than 150 doors spread across 80 locations across India.