CareEdge launches foreign currency, sovereign ratings in growth push
CareEdge Ratings, is hoping to tap into a large market of rating foreign currency loans of Indian companies after it launched its international corporate and sovereign ratings from its Gift City office called CareEdge Global IFSC Ltd.
CEO Mehul Pandya said together with taking away market share from its foreign peers, Care has plans to expand into African countries giving them the option of being rated from a new perspective.
«So far more than $50 billion has been raised from Gift City and most of it has been rated by foreign agencies. If we just consider a few basis points of this amount in fees, it has huge revenue potential. We have a natural advantage because of our domestic expertise which we will leverage,» Pandya said.
CareEdge invested $3.6 million for this new subsidiary which is its third international subsidiary adding to operating ones in Nepal and Mauritius.
Pandya said the company plans to tap emerging markets in Asia and Africa to expand its foreign currency ratings business. Besides Mauritius CareEdge has also pending licenses for approval in South Africa and Kenya.
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