ICRA upgrades ratings of Kitex Garments’ bank facilities

Credit rating agency ICRA has upgraded rating of Kitex Garments’ long term bank facilities worth Rs 167 crore to ‘A+’ from ‘A-’. The rating agency has also upgraded rating of the company’s short term bank facilities to ‘A1’ from ‘A2+’. Moreover, the outlook on the long term rating is stable.

Kitex Garments is the third largest manufacturer of clothes for infants and caters to the biggest international buyers such as Gerber, Jockey, Carters, Kohls and The Childrens Place.