Kitex Garments: India Ratings downgraded bank loan facilities (₹347.98 Cr) to Long-Term 'IND BBB+' and Short-Term 'IND A2', maintaining a Negative outlook.

This downgrade from 'IND A' & 'IND A1' is due to a significant profit dip, subdued margins from US tariffs & slow Warangal unit ramp-up, and rising debt from capex, worsening credit metrics.