Emerging Credit Rating Limited has upgraded the long term credit rating to A- (Pronounced as ‘Single A Minus’) and ST-2 short term credit rating to Panama Composite Textile Mills Limited. The outlook of the rating is Stable. The ratings are consistent with ECRL’s rating methodology for this type of business. Panama Composite Textile Mills Limited is a private limited company engaged in the production of carded and combed cotton yarn, primarily used by export-oriented garment industries. The ratings are based on the audited financial statement from FY2022 to FY2025 along with relevant qualitative and quantitative information up to date of rating. The rating is valid from September 22, 2026 to September 21, 2027. The ratings may be changed or revised prior to expiry, if warranted by extraordinary circumstances in the management, operations and/or performance of the entity rated.