Emerging Credit Rating Limited (ECRL) has affirmed the ESME-3 credit rating to M/S Mona & Brothers. The outlook of the rating is Stable. The rating is consistent with ECRL’s methodology for this type of business. The rating is based on information received from the respective bank and the concern, along with other relevant quantitative and qualitative information available up to the date of rating. The rating is valid from October 31, 2025 till October 30, 2026. The rating may be changed or revised prior to expiry if warranted by extraordinary circumstances in the management, operations and/or performance of the entity rated.