Emerging Credit Rating Limited (ECRL) has downgraded long term credit rating to A- (Pronounced as “Single A Minus”) and affirmed ST-2 short term credit rating to Bay Leasing & Investment Limited based on unaudited financial statements of FY2022, audited financial statements of FY2019-FY2021 and other available quantitative and qualitative information up to the date of rating declaration. The outlook on the rating is Stable.