Latest News | CareEdge Enters Global Rating Space with Launch of Sovereign Rating for 39 Nations
Get latest articles and stories on Latest News at LatestLY. CareEdge has become the first Indian credit rating agency to enter the global ratings space through its subsidiary, CareEdge Global IFSC Ltd.
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.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)