Credit rating agency, CARE reaffirmed the assigned ‘CARE A1+’ rating to the Commercial Paper (CP) programme (standalone) issue of Raymond for Rs 250.00 crore. The company’s ability to improve its profitability in the scenario of volatility in the currency markets, raw material prices and increasing competition are the key rating sensitivities.
The ratings continue to derive strength from the dominant position of Raymond in domestic worsted suiting fabrics market, well-established operations, presence across the textile value chain, bouquet of well-established brands and widespread distribution network.
Raymond is the largest integrated manufacturer of worsted fabric in the world. The company has three divisions viz., textiles, engineering and aviation.
