KARACHI: JCR-VIS Credit Rating Company Limited has assigned initial entity ratings of single A plus/A-One to Gadoon Textile Mills Limited.

The long-term rating of A+ signifies good credit quality and adequate protection factors; risk factors may vary with possible changes in the economy. The short-term rating of A-1 signifies high certainty of timely payment; liquidity factors are excellent and supported by good fundamental protection factors while risk factors are minor. Outlook on the assigned ratings is stable, said a press release on Tuesday.

GTML is part of Yunus Brothers Group (YBG). The company is the largest spinning enterprise in the country and has around three decades of experience in the textile sector. GTML produces yarn (both coarse and fine counts) and knitted fabric through two units located at Karachi in Sindh and at Swabi District in Khyber Pakhtunkhwa.