CareEdge Launches Global Sovereign Ratings | 39 Nations Rated
By Rediff Money Desk, New Delhi Oct 03, 2024 19:28
CareEdge, an Indian credit rating agency, has entered the global ratings space with its subsidiary, CareEdge Global IFSC Ltd. The agency has assigned sovereign ratings to 39 countries, including India, with AAA ratings for Germany, Netherlands, Singapore, and Sweden.
New Delhi, Oct 3 (PTI) CareEdge has become the first Indian credit rating agency to enter the global ratings space through its subsidiary, CareEdge Global IFSC Ltd.
CareEdge Global IFSC Ltd, which will operate from the GIFT City, Gandhinagar has assigned sovereign rating to 39 countries, including India, the rating agency said in a statement on Thursday.
It has assigned AAA rating to Germany, the Netherlands, Singapore and Sweden; AA+ to Australia, Canada and the US; AA- to France, Japan, Korea, the UAE and UK; A+ to Portugal, A to China and Spain, among others.
It has also assigned a long-term foreign currency (LTFC) rating of BBB+ (investment grade) to India, based on the resilient post-pandemic rebound of the Indian economy and increased focus on infrastructure investment.
The outlook also factors the projected lowering in the general government debt, albeit gradually, aided by healthy nominal GDP growth and continued focus on fiscal consolidation, it said.
CareEdge projects general government debt to GDP ratio to reduce to 78 per cent by FY30 and further to 73.5 per cent by FY35 from around 80 per cent level currently, it said.
However, it believes that the still elevated general government debt and weak debt affordability remain the key credit constraints.
According to CareEdge Global, India's credit assessment gains from its large and diverse economic structure as well as its healthy growth performance.
The report on sovereign ratings of global economies was unveiled in a mega event held at GIFT City.
CareEdge Global IFSC Ltd, which will operate from the GIFT City, Gandhinagar has assigned sovereign rating to 39 countries, including India, the rating agency said in a statement on Thursday.
It has assigned AAA rating to Germany, the Netherlands, Singapore and Sweden; AA+ to Australia, Canada and the US; AA- to France, Japan, Korea, the UAE and UK; A+ to Portugal, A to China and Spain, among others.
It has also assigned a long-term foreign currency (LTFC) rating of BBB+ (investment grade) to India, based on the resilient post-pandemic rebound of the Indian economy and increased focus on infrastructure investment.
The outlook also factors the projected lowering in the general government debt, albeit gradually, aided by healthy nominal GDP growth and continued focus on fiscal consolidation, it said.
CareEdge projects general government debt to GDP ratio to reduce to 78 per cent by FY30 and further to 73.5 per cent by FY35 from around 80 per cent level currently, it said.
However, it believes that the still elevated general government debt and weak debt affordability remain the key credit constraints.
According to CareEdge Global, India's credit assessment gains from its large and diverse economic structure as well as its healthy growth performance.
The report on sovereign ratings of global economies was unveiled in a mega event held at GIFT City.
Source: PTI
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