The medium to long-term rating of 'BBB' reflects adequate credit quality coupled with reasonable protection factors.      Moreover, risk factors are considered variable if changes occur in the economy.

The short-term rating of 'A-2' denotes good certainty of timely payments. Liquidity factors and company fundamentals are considered sound.

Outlook on the assigned ratings is stable, said press release on Friday.

The ratings assigned to ZTL take into account its moderate business risk profile emanating from a fairly diversified revenue stream within the textile industry and experienced senior management led by the sponsoring family.