Emerging Credit Rating Limited (hereinafter referred to as “ECRL”) has downgraded long term rating to A- (Pronounced as single A Minus) and affirmed short term rating ST-3 to Rahimafrooz (Bangladesh) Limited .The outlook on the rating is Stable. The rating is based on audited financial statements for the fiscal years 2019-2023 as well as other relevant information available at the time of the rating.