The presence of global rating agencies is expected to enhance the IFSC ecosystem by supporting offshore bond issuances, debt listings, and capital raising by Indian companies, further positioning GIFT City as a competitive international financial centre.
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In a significant step towards putting India’s offshore financial hub on the global map, a “Big Three” credit rating agency is set to enter GIFT IFSC, with Moody’s Investors Service Singapore Pte. Ltd. applying to establish a branch at this emerging financial hub in Gujarat.
Moody’s applies under new IFSCA regulations
Moody’s—one of the world’s three dominant rating firms alongside S&P Global Ratings and Fitch Ratings—has filed an application this month seeking registration under the IFSCA (Capital Market Intermediaries) Regulations, 2025, official sources said. The proposed entity will undertake credit rating and related permissible activities, with an initial footprint of 15 square metres and a four-member team. The venture will be funded through internal accruals from the parent entity.
Regulatory push opens doors for global rating firms
Credit rating agencies play a critical role in global financial markets by providing independent assessments of the creditworthiness of sovereigns, corporates and financial instruments. In July 2024, the Securities and Exchange Board of India (SEBI) allowed credit rating agencies to undertake rating activities within the IFSC framework, paving the way for global and domestic players to expand into GIFT City, officials said. An email sent to Moody’s remained unanswered.
Follows S&P’s entry into GIFT IFSC
Moody’s entry would follow S&P Global Ratings’ move to receive regulatory approval to set up a branch in GIFT IFSC in June 2025. As reported by BusinessLine, S&P had been granted a certificate of registration by the International Financial Services Centres Authority (IFSCA) to operate in the IFSC, where it plans to offer global-scale ratings for offshore issuances.
Domestic players expand presence in IFSC
Among domestic players, CARE Ratings (CareEdge) was the first to establish a base in GIFT IFSC through its subsidiary CareEdge Global IFSC Ltd in October 2024. The firm has since rolled out its first sovereign ratings of global economies, assigning ratings to 39 countries, including a BBB+ rating for India. Within GIFT IFSC, rating agencies are expected to play a key role across the capital markets ecosystem—supporting debt listings, assigning ratings to offshore bond issuances, and enabling Indian companies raising capital through IFSC-based exchanges. They can also provide ratings for IPOs of firms listing in the IFSC, as well as for trade finance instruments such as letters of credit and certificates of deposit issued by banks operating in the financial centre.
Published on March 30, 2026
