Emerging Credit Rating Limited (ECRL) has affirmed ST-2 short term credit rating to Artisan Ceramics Limited and assigned an equivalent long-term entity rating of BBB+ . The outlook on the rating is Stable. The ratings are consistent with ECRL’s rating methodology for this type of company and are based on the audited financial statements of FY2021-2024 and other relevant qualitative information up to the date of the rating declaration.