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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 w.e.f. May 7, 2015. It is also recognized by Bank of Mauritius as External Credit Assessment Institution (ECAI) w.e.f. May 9, 2016. CRAF will provide credit ratings and related services initially in Mauritius.

As on June 1, 2016, CRAF’s shareholders are Credit Analysis & Research Limited, India (CARE Ratings), MCB Equity Fund (MEF) and SBM (NFC) Holdings Limited (SNHL). Subsequently African Development Bank (AfDB) shall also join as its shareholders. The experienced mix of shareholders will enable the entity to have stronger brand recognition in the African continent. However, management control will be with CARE Ratings having majority shareholding

CRAF will get 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.

CARE, owing to its experience of handling credit ratings of both Large Corporates and Small & Medium Enterprises (SMEs) in emerging market like India, aims to customize the rating methodologies to suite the requirement of African countries

In Mauritius, CRAF will provide ratings for various instruments such as bonds, debentures, CP, 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.

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