- First Indian credit rating agency to enter the Global Scale
Ratings with launch of CareEdge Global IFSC Ltd.
- Unveiled CareEdge Report on Sovereign Ratings of Global
Economies
MUMBAI, India, Oct. 4, 2024 /PRNewswire/ -- CareEdge Ratings,
India's leading credit rating
agency, today announced that it has become the first Indian credit
rating agency to enter the Global Scale Ratings space, through its
subsidiary, CareEdge Global IFSC Limited.
CareEdge has unveiled a report on Sovereign Ratings of Global
Economies, releasing sovereign ratings of 39 countries in a mega
event held at GIFT City, Gandhinagar, India. Many eminent personalities from
regulators, corporates and policy makers were present during the
launch, including Shri K.V. Kamath –
renowned corporate leader in India, Shri Ashish
Kumar Chauhan – MD & CEO, NSE, and Shri Sanjeev Sanyal – Member, Economic Advisory
Council to Prime Minister.
In its first sovereign rating action, CareEdge Global has
assigned the following ratings to 39 countries: AAA to Germany, Netherlands, Singapore and Sweden; AA+ to Australia, Canada and USA; AA- to France, Japan, Korea, UAE and UK; A+ to Portugal, A to China and Spain; A- to Chile, Malaysia and Thailand; BBB+ to Botswana, India and Philippines; BBB to Indonesia, Italy and Mauritius; BBB- to Mexico, Morocco and Peru; BB+ to Brazil, Columbia, Greece and Vietnam; BB to South
Africa ; B+ to Turkey; B to
Nigeria; B- to Ecuador and Egypt; CCC+ to Bangladesh; CCC to Argentina and D to Ethiopia.
Speaking on the occasion, Mehul
Pandya MD & Group CEO, CareEdge said, "This is a
significant milestone for us in our journey towards becoming a
global knowledge-based institution. As India's economic influence grows, it is both
timely and appropriate for an Indian company to enter this domain.
CareEdge Ratings brings with it a nuanced understanding of emerging
economies - a perspective that is invaluable in today's complex
global economic environment. We are convinced that it is very
important to have transparency in methodology of sovereign ratings,
particularly in assessing the growth potential and investment needs
of economies. This reflects in the ratings assigned by us. We are
conscious of the responsibility that comes with our entry into this
space and are fully committed to provide independent and unbiased
opinion."
CareEdge Sovereign Ratings methodology involves analysis under
five broad pillars to determine a sovereign's creditworthiness.
These pillars are Economic Structure & Resilience (25%
weightage), Fiscal Strength (25% weightage), External Position
& Linkages (16.67% weightage), Monetary & Financial
Stability (16.67% weightage), and Institutions & Quality of
Governance (16.67% weightage). The assessment of each of these
pillars is based on the consideration of historical, current as
well as expected future trends.
Rajani Sinha, Chief Economist,
CareEdge Ratings said, "Our methodology is robust and
aptly captures the nuances of developed and emerging economies,
even while applying consistent thresholds across countries.
This rating assigned using our methodology will aid investors and
enhance the diversity of opinions about various countries."
The entire report on Sovereign Ratings of Global Economies can
be accessed at www.careedgeglobal.com
About CareEdge Ratings
CareEdge is a knowledge-based analytical group offering services
in Credit Ratings, Analytics, Consulting and Sustainability.
Established in 1993, the parent company CARE Ratings Ltd (CareEdge
Ratings) is India's second-largest
rating agency, with a credible track record of rating companies
across diverse sectors and holding leadership positions in
high-growth sectors such as BFSI and Infra. The wholly-owned
subsidiaries of CareEdge Ratings are (I) CARE Analytics &
Advisory Private Ltd. (previously known as CARE Risk Solutions Pvt.
Ltd.), and (II) CARE ESG Ratings Ltd, (previously known as CARE
Advisory Research and Training Ltd.). Besides CareEdge Global IFSC
Ltd., CareEdge Ratings' other international subsidiaries entities
include CARE Ratings Africa (Private) Limited in Mauritius, CARE Ratings South Africa Pty. Ltd,
and CARE Ratings Nepal Limited.
For further details, contact:
Tayyab Imadi
+91 99672 12492
tayyab@whitemarquesolutions.com
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