Kitex Garments Limited has been informed of a credit rating downgrade by India Ratings and Research Private Limited. The company’s bank loan facilities, amounting to ₹3,479.80 million, have seen their rating reduced from IND BBB+/Negative to IND BBB+/Negative/IND A2. This action, disclosed on August 27, 2026, marks a downgrade in the creditworthiness of the company’s debt.
Credit Rating Downgraded for Bank Facilities
Kitex Garments Limited has announced a downgrade in its credit ratings for its bank facilities. The assessment was conducted by India Ratings and Research Private Limited, with the press release detailing the change issued on August 25, 2026. This development affects the company’s overall financial standing and its ability to access credit.
Details of the Rating Action
The specific facilities impacted are the company’s bank loan facilities, which represent an aggregate amount of ₹3,479.80 million. Following the review, the rating has been revised. The previous rating was IND BBB+/Negative, and the rating action has resulted in a downgrade to IND BBB+/Negative/IND A2. This signifies a reduced level of creditworthiness according to the rating agency.
The company has requested that this information be taken on record by the relevant stock exchanges.
Source: BSE
