CARE Ratings Limited has informed the Exchange about General Updates
CARERATING · price
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The Reserve Bank of India has granted accreditation to CareEdge Global IFSC Limited, a wholly owned subsidiary of CARE Ratings, as an External Credit Assessment Institution (ECAI). This means Indian banks can now use ratings assigned by CareEdge Global to determine risk weights on claims involving non-resident corporates based out of the International Financial Services Centre (IFSC). Standard rating-risk weight mapping has been provided, ranging from 20% for AAA ratings to 150% for BB and below. Previously, only three international agencies (Fitch, Moody's, S&P) were allowed for this purpose, and CareEdge Global becomes the first domestic entity to receive this recognition.
This is a positive development as it opens a new revenue stream for CARE Ratings' subsidiary by enabling it to rate IFSC-based non-resident corporates, strengthening its position beyond domestic ratings and aligning it with global peers.