CareEdge Global Publishes 50th Global Scale Rating within first year of operations
CareEdge Global IFSC Limited (CareEdge Global), a subsidiary of CARE Ratings Limited, has reached a significant milestone by publishing its 50th global scale public rating within the first year of operations. This accomplishment reflects the growing trust in CareEdge Global’s differentiated and forward-looking approach to credit ratings.
Launched in October 2024 from IFSC GIFT City, CareEdge Global introduced a fresh perspective to the sovereign and global ratings arena. Its sovereign rating coverage includes 39 countries, representing 85% of the world's GDP, across various continents, demonstrating the diversity and depth of its analytical approach. Developed through extensive consultation with multilateral institutions, central banks, regulators, and market participants, CareEdge Global’s proprietary methodology has resulted in over 50% variance from ratings assigned by the Big Three Global Credit Rating Agencies (CRAs).
In addition to sovereign ratings, CareEdge Global has made notable progress in corporate ratings, publishing 11 public ratings across a wide range of sectors, including renewables, airports, power utilities, banks, non-banking financial companies (NBFCs), and infrastructure financers. Additionally, it has also assigned private ratings to various issuers and debt issuances. The total rated debt quantum exceeds USD 4 billion. This diverse coverage demonstrates CareEdge Global’s readiness and capability to execute rating assignments across sectors and geographies.
Mehul Pandya, Managing Director and Group CEO of CareEdge Group commented, “CareEdge Global is a strategic venture of the CareEdge Group, and we are delighted with the significant progress made within the first year of operations. This milestone reaffirms our commitment to empowering global capital market participants and positioning ourselves as the global rating agency of choice. The International Financial Services Centres Authority (IFSCA) has played a pivotal role in developing GIFT City into a thriving global hub for financial services. As the first Credit Rating Agency authorized by IFSCA, CareEdge Global is uniquely positioned to deliver comprehensive ratings on a global scale.”
Revati Kasture, Chief Executive Officer, CareEdge Global, added, “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. First milestones are always special, and so are our first 50 public ratings. 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, stated, “Our rating methodologies are rigorous, objective, and responsive to the evolving global landscape. Within the first year of operations, we observed convergence in rating actions by the Big Three Global CRAs on 12 countries, aligning with our assessments—validating the robustness and high predictability of our methodologies. These rating frameworks are further strengthened by our strong systems and processes, and enriched by external rating committee members who bring extensive experience in global credit risk assessment across diverse geographies.”
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