Credit rating agency, CARE has downgraded rating of Birla Cotsyn India’s long-term bank facilities worth Rs 225.74 crore to ‘D’ from ‘BB’. The rating agency has also downgraded the rating of the company’s short-term bank facilities worth Rs 7.50 crore to ‘D’ from ‘A4’.
The rating revision factors in ongoing delays in interest servicing and debt repayments by the company.
Birla Cotsyn (India) produces high quality synthetic, blended ring spun yarns and 100pc cotton yarn for usage in Woven and Knitted Fabrics, Textiles, Blankets, Towels, Upholstery, Furnishings, Curtains, Bed Sheets, Made-up and Industrial Fabrics.
