Emerging Credit Rating Limited (ECRL) has affirmed the ESME-3 credit rating to M/S Madina Traders (MMT). 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 concern, along with other relevant quantitative and qualitative information available up to the date of rating. The rating is valid from November 15, 2025, to November 14, 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.