S&P Global Ratings Singapore Sets Up Shop in GIFT City.

S&P Global Ratings Singapore PTE Ltd, a prominent international credit rating agency, has officially established its base in Gujarat International Finance Tec-City (GIFT City). The entity recently received the necessary approval from the International Financial Services Centres Authority (IFSCA) to commence operations within India's burgeoning financial hub.

"We have cleared the application of S&P Global. It is a big move for GIFT City. We welcome more entries, robust participation and competition,” stated K Rajaram, Chairperson of IFSCA, the unified regulator for GIFT City. S&P Global is initially expected to begin operations with a workforce of five persons in its GIFT IFSC unit.

This move by S&P Global marks a significant milestone for GIFT City, as it becomes the first major foreign credit rating agency to set up shop in the special economic zone. It follows the precedent set by its Indian counterpart, CareEdge Global IFSC Ltd, a subsidiary of CARE Ratings Ltd, which became the first credit rating agency overall to establish a presence in GIFT City in October 2024. CareEdge Global IFSC Ltd has already begun releasing its sovereign ratings for global economies, assigning ratings to 39 countries, including India, which received a BBB+ rating.

An email sent to S&P Global regarding this development did not receive an immediate response. The entry of a global player like S&P Global Ratings is expected to further enhance GIFT City's appeal as a world-class financial services destination.