CARE Ratings Limited has approved incorporation of subsidiary in South Africa for providing Credit Rating services, subject to Regulatory approvals. The name of the step-down subsidiary proposed to be incorporated is "CARE Ratings South Africa Pty Limited" or any other name as may be approved by the relevant statutory authorities. Credit Rating Agency Incorporation of new company will be tentatively completed by December 31, 2023.

Authorised Capital: USD 4,00,000 Paid-up Capital: USD 1,00,000. 100% by CARE Ratings (Africa) Private Limited.