- The first Indian credit rating agency to enter the global rating scale with the launch of CareEdge Global IFSC Limited.
- CareAge report on sovereign ratings of global economies unveiled
MumbaiIndia, 4 October 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 Rating Scale sector through its subsidiary CareEdge Global IFSC Limited.
CareAge released a report on sovereign ratings of global economies by releasing sovereign ratings of 39 countries at a mega event held in GIFT City, Gandhinagar, India. The launch was attended by a number of eminent personalities including regulators, companies and policy makers Shri K.V. Kamath – Famous corporate leaders in India, Mr. Ashish Kumar Chauhan – MD & CEO, NSE & Mr. Sanjeev Sanyal -Member of the Prime Minister’s Economic Advisory Council.
In its first sovereign rating action, CareAge Global assigned the following ratings to 39 countries: AAA for Germany, the Netherlands, Singapore and Sweden; AA+ for Australia, Canada and the United States; AA – for France, Japan, Korea, United Arab Emirates and United Kingdom; for A+ portugalfor a China and Spain; A- for chileMalaysia and Thailand; BBB+ for Botswana, India and Philippines; BBB for Indonesia, Italy and Mauritius; BBB- for Mexico, Morocco and peruBB+ for Brazil, Colombia, Greece and Vietnam; BB for South Africa; B+ for Turkey; B for Nigeria; B- for Ecuador and Egypt; for CCC+ bangladeshfor ccc argentina and D for Ethiopia.
Speaking on this occasion, Mehul Pandya CareAge Group MD and CEO said, “This is an important milestone for us in our journey to become a knowledge-based global institution. As India’s economic influence grows, it is timely and appropriate for an Indian company to enter this sector. CareAge Ratings brings with it an 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 the methodology of sovereign ratings, especially for the economies reflected in our ratings. In assessing the growth potential and investment needs, we are aware of the responsibility that comes with our entry into this sector and are fully committed to providing an independent and impartial opinion.”
CareAge’s Sovereign Rating methodology involves analysis across five broad pillars to determine the creditworthiness of a sovereign. These pillars are economic structure and resilience (25% weight), fiscal strength (25% weight), external situation and relations (16.67% weight), monetary and financial stability (16.67% weight), and quality of institutions and governance (weight). 16.67%). The assessment of each of these pillars is based on historical, current and expected future trends.
Rajni SinhaChief Economist, CareAge Ratings He said: “Our methodology is robust and adequately captures the nuances of developed and emerging economies even while applying consistent thresholds across countries. This rating using our methodology will help investors and enhance the diversity of views on different countries “
The full report on sovereign ratings of global economies can be found here www.careedgeglobal.com
About CareAge Ratings
CareEdge is a knowledge-based analytics group that provides services in credit rating, analytics, consulting and sustainability. Established in 1993, parent company Care Ratings Limited (CareEdge Ratings) is India’s second largest rating agency with a proven track record of rating companies across sectors and leadership positions in high-growth sectors such as BFSI and Infra. The wholly owned subsidiaries of CareEdge Ratings are (I) Care Analytics & Advisory Pvt. Ltd. (formerly known as Care Risk Solutions Pvt. Ltd.), and (II) Care ESG Ratings Ltd., (formerly known as Care Advisory Research & Training Limited. Apart from CareAge Global IFSC Limited, CareAge Ratings’ other international subsidiaries include Care Ratings Africa (Private) Limited in Mauritius, Care Ratings South Africa Pte Limited and Care Ratings Nepal Limited.
For further information please contact:
Tayyab Emadi
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Source CareAge Ratings
