About Us

  • Corporate Profile
  • Vision, Mission & Value
  • Board of Directors
  • Code Of Conduct
  • Media Coverage

CARE Ratings (Africa) Private Limited (CRAF) is incorporated in Mauritius and is the first credit rating agency to be licensed by the Financial Services Commission of Mauritius from May 7, 2015. It is also recognized by Bank of Mauritius as External Credit Assessment Institution (ECAI) from May 9, 2016. CRAF provides credit ratings and related services in Mauritius and has plans to venture into other geographies of Africa.

As on March 31, 2017, CRAF’s shareholders are CARE Ratings Limited (CARE Ratings), African Development Bank (AfDB) and MCB Equity Fund (MEF) & SBM (NFC) Holdings Limited (SNHL). The experienced mix of shareholders will enable the entity to have stronger brand recognition in the African continent. The management control will be with CARE Ratings which has majority shareholding.

CRAF gets technical support in the areas such as rating systems and procedures, methodologies, etc. from CARE Ratings on an ongoing basis. The technical support shall ensure that CRAF has adequate resources to provide high quality credit opinions on an ongoing basis.

CRAF’s endeavor is to offer investors and risk managers with independent, timely and insightful credit opinions based on detailed in-depth research, which includes detailed analysis of risks that affect credit quality of an issuer/entity.

In Mauritius, CRAF provides ratings for various instruments such as Bonds, Debentures, Commercial Paper, Bank Deposits, Structured Finance and other debt instruments besides the Bank Facilities including term loans, working capital limits, non-funded exposures (guarantees / Letter of credits) etc. CRAF will also cover rating of issuers including insurance companies, channel partner evaluation and SMEs.

CRAF is committed to the establishment of the highest standards of professional quality and integrity. In line with this, CRAF has set up its Rating Committee with full time members comprising officials from CARE Ratings. The company also has a panel of experts from Mauritius to assist the Rating Committee by providing valuable inputs about the economy, industry and corporate environment in Mauritius.

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