ICRA reaffirms rating of Monte Carlo’s commercial paper programme at ‘A1+’

Credit rating agency, ICRA has reaffirmed rating of Monte Carlo Fashions’ Commercial Paper Programme worth Rs 100 crore at ‘A1+’. The rating agency has also upgraded the company’s long term rating to ‘AA-’ from ‘A+’. Further, the rating agency has reaffirmed short term rating to ‘A1+’ for Rs 300 crore Line of Credit of the company.

The company offers a comprehensive line of woollen, cotton and cotton-blended knitted and woven apparel under the ‘Monte Carlo’ brand in addition to its kids apparel. Its apparel products can be divided into three primary categories based -(i) woollen apparel, (ii) cotton and cotton blended apparel and (iii) kids apparel.