KARACHI:VIS Credit Rating Company has upgraded entity ratings of Kamal Limited from single A minus/A-two to single A/A-one.
The medium to long-term rating of ‘A’ denotes good credit quality coupled with adequate protection factors.
Moreover, risk factors may vary with possible changes in the economy, said release on Thursday.
The short-term rating of ‘A-1’ indicates high certainty of timely payment, liquidity factors are excellent and supported by good fundamental factors.
Outlook on the assigned rating has been revised from ‘Positive’ to stable. The previous rating action was announced on April 12, 2021.
The assigned upgrade of ratings takes into account the company’s predominant presence in export-oriented, value-added textile segment, market diversification with fair share in domestic market both in terms of branded and non-branded sales and product portfolio variety involving yarn, fabric, home textiles and garments.