Emerging Credit Rating Limited (ECRL) has downgraded long term credit rating to A- (Pronounced as Single A Minus) and affirmed ST-3 short term credit rating to Khulna Power Company Ltd. (KPCL). The outlook of the rating is Stable. The rating is based on audited financial statements of FY2020 to FY2023, unaudited financial statements of 1st quarter of 2024 and other relevant qualitative and quantitative information available.