Emerging Credit Rating Limited (ECRL) has affirmed ST-2 short-term credit rating to APS Logistics International Ltd. Although the entity does not have a long-term investment facility, ECRL has upgraded an equivalent long-term credit rating to A (pronounced as Single A). The outlook on the rating is Stable. The ratings are consistent with ECRL’s methodology for this type of concern. The ratings are based on the audited financial statements for FY2021–FY2024 and other relevant qualitative information up to the rating date.