CareEdge Global Assigns a Rating Two Notches Above Sovereign to SMFG India Credit
CareEdge Global IFSC Limited (CareEdge Global), a subsidiary of CARE Ratings Limited, has assigned a ‘CareEdge A/Stable’ global scale rating to SMFG India Credit (SMICC). This rating stands two notches above CareEdge Global’s view on India’s sovereign rating.
The rating reflects the exceptional strength of SMICC’s parent, Sumitomo Mitsui Financial Group (SMFG), and its 100% ownership in SMICC. The group has extended its brand identity and articulated strong financial support for SMICC, recognising its strategic importance in SMFG’s India-focused strategy.
CareEdge Global also highlights SMICC’s growing scale of operations, a well-diversified loan book across products and geographies, healthy capitalisation backed by timely equity infusions from SMFG, a diversified resource profile, and experienced leadership.
For more details, refer to the rating rationale1on www.careedgeglobal.com.
Commenting on the development, Mr. Pankaj Malik, Chief Financial Officer, SMICC, said, “We are pleased to receive the ‘CareEdge A/Stable’ rating from CareEdge Global, which validates our strong fundamentals and reinforces the trust placed in us by our stakeholders. This recognition reflects our consistent efforts to build a scalable, inclusive, and resilient financial services platform aligned with SMFG’s global vision. We remain committed to responsible growth, prudent risk management, and delivering long-term value.”
Revati Kasture, Chief Executive Officer, CareEdge Global, commented, “Assigning a solicited rating to SMICC is a significant milestone in our journey. Since the launch of our global scale ratings in October 2024, we have made remarkable progress in expanding our outreach, rating coverage, and services. The response from investors, issuers, and policymakers has been encouraging. We remain committed to further expanding our portfolio through focused efforts, rating quality, and a differentiated analytical approach.”
Nitesh Jain, Chief Rating Officer, CareEdge Global, added, “The rating on SMICC is two notches above our rating on India2. SMICC has pierced the sovereign ceiling due to the extraordinary support from its Japan-based parent, SMFG (the sovereign rating of Japan is ‘CareEdge AA-/Stable Unsolicited’). The parent has committed to ensure full and timely servicing of SMICC’s foreign currency debt obligations, even under potential sovereign stress scenarios.”
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