Emerging Credit Rating Limited (ECRL) has downgraded the BBB (pronounced ‘Triple B’) long-term credit rating and affirmed the ST-3 short-term credit rating of S. S. Steel Limited. It is based on the audited financial statements for FY2021–2023, the unaudited 9-month financial statement for 2024, and other relevant qualitative and quantitative information available at the time of the rating. The outlook on the rating remains Stable.