Emerging Credit Rating Limited (hereafter referred to as ‘ECRL’) has affirmed ST-3 short term credit rating to Larsen Chemical Industries (Pvt.) Ltd. ECRL has upgraded to equivalent long term entity rating of BBB+ (Pronounced as Triple B plus). The outlook of the rating is Stable.The ratings are consistent with ECRL’s methodology for this type of business. ECRL considered financial performance, scale of business, management experience and prospect of the industry while assigning the rating. The rating is based on unaudited financial statements of FY2023, audited financials of FY2020-22 and bank information, legal documents and other relevant qualitative along with quantitative information up to date of rating.