CareEdge Global is planning to significantly expand its sovereign ratings coverage, adding more than 55 countries to reach approximately 100 countries total. According to reports from The Hindu BusinessLine, the two-year-old agency in GIFT City currently rates 45 sovereigns covering roughly 85% of the world's economy, having begun its global-scale sovereign ratings business in October 2024 with coverage of 39 countries. MD and Group CEO Mehul Pandya expressed confidence in the agency's calibrated expansion strategy, stating the company is "confident of our own calibrated expansion to more jurisdictions and going beyond the emerging markets and right into the developed ones."
CareEdge Global has established itself as the fourth-largest in the world by sovereign coverage, trailing behind three US-based rating agencies. As reported by The Hindu BusinessLine, Chairman V Chandrasekaran noted the agency's rapid growth from its October 2024 launch, stating "We began with ratings on 39 countries, where conviction, differentiated methodology and little else was certain. Today we stand at 45 sovereigns covering roughly 85 per cent of the world's economy." The expansion comes as CareEdge seeks to establish itself as an alternative voice in a global credit-rating market dominated by established agencies with decades-long track records.
CareEdge has differentiated itself through its methodology rather than simply replicating existing global agencies' assessments. According to reports from The Hindu BusinessLine, Pandya emphasized that "Our conclusions were not an echo of an existing rating. They were sound judgement reflective of authenticity." The agency has gained validation in multiple markets, with Chandrasekaran reporting that ratings or outlook actions by established global agencies have moved towards CareEdge's assessment in 22 of the 45 sovereigns covered. CareEdge has identified strengthening or risks ahead of the broader consensus in countries like Morocco, Nigeria and Portugal.
The agency has demonstrated significant financial scale in its short existence. As reported by The Hindu BusinessLine, CareEdge has assigned global-scale ratings to nearly 400 corporates, financial institutions and sovereigns, with Chandrasekaran stating the company has rated foreign-currency debt issuances of more than $35 billion. The pipeline continues to deepen, indicating strong future growth potential. The expansion is being supported by institutional participation, with Chandrasekaran confirming that "SBI and NSE IX have committed to take stakes in CareEdge Global," while the RBI has extended accreditation covering all non-resident corporates.
Despite its rapid growth, CareEdge faces challenges in convincing stakeholders to adopt new rating providers. According to reports from The Hindu BusinessLine, Pandya acknowledged that "Stakeholders who have relied on a familiar set of voices that was for decades do not open their minds to a new entrant, however sound their approach." He emphasized that the agency anticipated a period of adjustment as institutions and investors became familiar with its methodology. Pandya positioned the expansion as responding to the global economic order's shift, arguing that "the global order today with more centres of economic gravity, requires more than a duopoly assessing its creditworthiness."
