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PRNewswire
Mumbai (Maharashtra) [India], October 4: 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 K.V. Kamath - renowned corporate leader in India, Ashish Kumar Chauhan - MD & CEO, NSE, and 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 Logo - https://mma.prnewswire.com/media/2522968/4950106/CGRL_Logo.jpg (ADVERTORIAL DISCLAIMER: The above press release has been provided by PRNewswire. ANI will not be responsible in any way for the content of the same)
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