Emerging Credit Rating Limited (ECRL) downgraded the long term credit rating to BBB- (Pronounced as Triple B minus) and affirmed ST-3 short term credit rating to CEL Telecom Limited (from here on referred to as “CELTL” or “the company’). The outlook on the rating is Stable. The rating is based on the financial statements for FY2019- FY2022 and other relevant qualitative and quantitative information up to the date of rating.