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CareEdge Group

CareEdge Group (formerly known as CARE Ratings) is an Indian analytical company that provides services in credit ratings, research, risk management solutions, and advisory services.

It is headquartered in Mumbai, Maharashtra.

History:

CareEdge Group was established in 1993 as Credit Analysis and Research Limited (CARE). It commenced operations as India's second-largest credit rating agency, providing ratings for companies across diverse sectors. Over the years, CareEdge expanded its service offerings into areas like corporate governance ratings, value creation studies, SME ratings, mutual fund ratings, and infrastructure project assessments.

Key milestones include: 1997: Launched India's first loan rating product 2001: Founding member of Association of Credit Rating Agencies in Asia (ACRAA) 2007: Executed agreements with banks to provide Basel II ratings 2011: Acquired 75% stake in risk advisory firm Kalypto Risk Solutions (now CARE Analytics) 2024: Unveiled sovereign rating methodology, rebranded as CareEdge Group

CareEdge has international subsidiaries in Mauritius (CARE Ratings Africa), South Africa, and Nepal to offer ratings and advisory services in those regions.

Services

Credit Ratings

CareEdge provides credit ratings and grading services across sectors like manufacturing, infrastructure, financial services, structured finance and more. It rates various debt instruments, bank facilities, IPOs and has developed methodologies for areas like urban local bodies, ESCOs, REITs/InvITs.

Research and Advisory

Through subsidiaries like CARE Analytics and CARE Advisory, CareEdge offers services in areas like risk management, IFRS implementation, financial restructuring, business intelligence and training.

Sustainability The subsidiary CARE ESG Ratings provides environmental, social and governance (ESG) ratings to assess issuers' sustainability performance.

Sovereign Ratings In 2024, CareEdge unveiled its sovereign rating methodology to assess the creditworthiness of sovereign debt issuers globally. It plans to provide sovereign ratings after receiving necessary approvals.

Controversies Like other major rating agencies, CareEdge has faced criticism for potential conflicts of interest in its issuer-pays business model. There have been concerns about the quality and timeliness of some of its ratings during periods of stress.

Leadership Mehul Pandya is the Managing Director and CEO of CareEdge Group. Other key executives include Rajani Sinha (Chief Economist) and Kiran Kavala (Head - Sovereign Ratings).CareEdge is recognized and regulated by the Securities and Exchange Board of India (SEBI) as one of the leading credit rating agencies in India. It aims to enhance its global footprint and provide diverse analytical services to investors and issuers.