Emerging Credit Rating Limited (ECRL) has downgraded the BBB+ (pronounced ‘Triple B Plus’) long-term credit rating and ST-3 short-term credit rating of Dhaka Bank Securities Limited (DBSL). The rating is based on the audited financial statements for FY2020-FY2023 and other relevant qualitative and quantitative data available up to the date of the rating. The outlook on the rating remains Stable.