CareEdge Enters Global Arena with Sovereign Ratings

CareEdge has made history by becoming the first Indian credit rating agency to enter the global market via its subsidiary, CareEdge Global IFSC Ltd, based in GIFT City, Gandhinagar. The agency has assigned sovereign ratings to 39 countries, including a BBB+ rating for India, citing economic resilience.

CareEdge has set a new milestone by being the first Indian credit rating agency to venture into the global ratings landscape through its subsidiary, CareEdge Global IFSC Ltd. Operating from GIFT City in Gandhinagar, the agency revealed that it has evaluated sovereign ratings for 39 countries, including India.

Among its assessments, CareEdge Global IFSC Ltd awarded a prestigious AAA rating to Germany, the Netherlands, Singapore, and Sweden. Meanwhile, it endowed AA+ to Australia, Canada, and the US, and AA- to France, Japan, Korea, the UAE, and the UK. Significantly, India received a long-term foreign currency rating of BBB+, underpinning its robust post-pandemic recovery and increased infrastructure investments.

The agency highlighted a positive economic outlook for India, factoring in the potential reduction of general government debt aided by strong nominal GDP growth. Nevertheless, CareEdge noted that India's still high general government debt levels and weak debt affordability pose ongoing challenges. The ratings were unveiled at a major event at GIFT City.

(With inputs from agencies.)