Emerging Credit Rating Limited (ECRL) has downgraded ESME-4 credit rating to “Victory Footwear Industry Ltd.”. The outlook of the rating is Stable. The rating is consistent with ECRL’s methodology for this type of business. ECRL considered financial strength, scale of business, managing director’s experience, and prospects of the industry while assigning the rating. The rating is based on the received information from the respective bank and concern, along with other relevant quantitative and qualitative information available till the date of rating. The rating is valid from September 02, 2026 to September 01, 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.