Emerging Credit Rating Limited (hereafter referred to as ‘ECRL’) has upgraded to A- (Pronounced as Single A minus) long term credit rating and ST-2 short term credit rating to SAS Building Materials Limited. The outlook on the rating is Stable. The rating is based on the audited financial statements of FY 2020 to FY 2022, unaudited financial statement of FY 2023 and other qualitative information up to the rating report date.