Emerging Credit Rating Limited (ECRL) has downgraded the long term credit rating to A- and affirmed the ST-2 short term credit rating to Green Delta Securities Limited. The outlook on the rating is Stable. The ratings are consistent with ECRL’s methodology for this type of company and are based on the audited financial statements from FY2021–FY2024, along with other relevant quantitative and qualitative information up to the date of the rating declaration.