Emerging Credit Rating Limited (hereafter referred to as ‘ECRL’) has downgraded the long-term credit rating to BB (Pronounced as ‘Double B’) and affirmed ST-4 short term credit rating to Global LPG Limited . The outlook of the rating is Stable. The rating is based on audited financial statement of FY2021-2022, projected financial statement of FY2023, FY2024, 2025 and other relevant qualitative information up to the date of rating.