Credit rating agency, CRISIL has downgraded rating of Finolex Industries to a notch as the company is exposed significantly to foreign exchange fluctuation risk. The rating downgrade also takes into account the deterioration in the company’s already modest debt protection metrics.
Finolex Industries is one of the larger players in India’s PVC market, with a market share of about 20 per cent. Its large capacity is expected to help it to capitalise on the supply-deficit scenario in the domestic industry.
