Emerging Credit Rating Limited (ECRL) has affirmed A+ (Pronounced as single A plus) long term credit rating and ST-2 short term credit rating to Butterfly Manufacturing Co. Ltd. (From here on referred to as BMCL). The outlook on the rating is Stable. The ratings are consistent with ECRL’s methodology for this type of company. The rating is based on the audited financial statements from FY2019-FY2022 and other relevant information till date.