Rating List


Rating List

Name Date of Rating
(Initial Rating or Annual Surveillance)*
Instrument Amount Rating Rating Rationale Brief Rationale
C-Care (Mauritius) Ltd December 18, 2019
Term Loan MUR 450 Million CARE MAU A; Stable [Single A; Stable]
Long/Short term Bank Facilities MUR 50 Million CARE MAU A; Stable/ CARE MAU A1 [Single A; Stable/A One]
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CM Structured Products (2) Ltd. January 17, 2020 Secured Credit Link Notes                            EUR 5 Million(MUR 200 Million)            CARE MAU A- (SO); Stable [Single A Minus (Structured Obligation); Outlook: Stable] / CARE MAU A2+ (SO) [A Two Plus (Structured Obligation)]            Download Download
Commercial Investment Property Fund Limited December 18, 2019 Bond – Senior Tranche                           MUR 400 Million           CARE MAU A- (SO); Stable[Single A Minus (Structured Obligation); Outlook: Stable]           Download Download
CM Diversified Credit Ltd December 20, 2019 Secured Credit Link Notes                            MUR 1,750 Million(enhanced from MUR 1,400 Million)            CARE MAU A- (SO); Stable [Single A Minus (Structured Obligation); Outlook: Stable] / CARE MAU A2+ (SO) [A Two Plus (Structured Obligation)]            Download Download
Omnicane Holdings (La Baraque) Thermal Energy Limited November 29, 2019 Bond                            MUR 550 Million            CARE MAU A-; Stable [Single A Minus; Outlook: Stable]            Download Download
BanyanTree Bank Limited November 27, 2019 Fixed Deposit Programme                            USD 150 Million(Equivalent to Mur 5.4 Billion)            CARE MAU BBB+; Stable [Triple B Plus; Outlook: Stable]            Download Download
CIEL Limited November 26, 2019
Bond Issue Nil (reduced from MUR 700.05 Million – Bond fully repaid) RATING WITHDRAWN
Long/Short term Bank Facilities MUR 180.00 Million CARE MAU AA; Negative/ CARE MAU A1+ [Double A; Negative/A One plus]
Bond issue MUR 1,270 Million CARE MAU AA; Negative [Double A; Outlook: Negative]
Bond issue MUR 1,530 Million CARE MAU AA; Negative [Double A; Outlook: Negative]
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Lavastone Ltd November 11, 2019 Bond                            MUR 1,000 Million            CARE MAU A-; Stable [Single A Minus; Outlook: Stable]            Download Download
CIM Financial Services Ltd October 30, 2019 Bond                            MUR 2,000 Million(enhanced from MUR 1,200)            CARE MAU AA; Stable [Double A; Outlook: Stable]            Download Download
City and Beach Hotels (Mauritius) Limited October 22, 2019 Bond                            EUR 30 Million(Mur 1,200 Million)            CARE MAU A; Stable [Single A; Outlook: Stable]            Download Download
CIEL Finance Limited October 10, 2019 Bond                            MUR 500 Million            CARE MAU A+ Stable [Single A Plus; Outlook: Stable]            Download Download
MaxCity Property Fund Ltd August 8, 2019
Bond USD 11.1 Million(MUR 383 Million) CARE MAU A- (SO); Stable [Single A Minus (Structured Obligation); Outlook: Stable]
Senior Tranche Bond MUR 600 Million CARE MAU A (SO); Stable [Single A (Structured Obligation); Outlook: Stable]
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MUA Ltd August 13, 2019 Proposed Bond issue                            MUR 500 million            CARE MAU AA-; Stable [Double A Minus; Outlook: Stable]            Download Download
CM Structured Finance (2) Ltd July 15, 2019 Secured Credit-linked Notes                            EUR 15 Million (MUR 600 Million)           CARE MAU A- (SO); Stable [Single A Minus (Structured Obligation); Outlook: Stable] CARE MAU A2+ (SO) [A Two Plus (Structured Obligation)]            Download Download
Compagnie des Villages de Vacances de l'Isle de France Limitée [COVIFRA] July 16, 2019
Bond Issue EUR 15 Million (MUR 600 Million) CARE MAU A+; Stable [Single A Plus; Outlook: Stable]
Bank Facilities EUR 13 Million(MUR 520 Million) CARE MAU A+; Stable [Single A Plus; Outlook: Stable]
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Bank One Limited June 24, 2019 Issuer Rating                           N.A.           CARE MAU A+ (Is); Stable [Single A Plus (Issuer); Outlook: Stable]           Download Download
Alteo Limited May 14, 2019 Bond issue                            MUR 1,500 million            CARE MAU A; Stable [Single A; Outlook: Stable]            Download Download
Emtel Limited May 15, 2019 Bond issue                            MUR 1,000 million            CARE MAU AA; Stable [Double A; Outlook: Stable]            Download Download
CM Structured Finance (1) Ltd June 11, 2019 Secured Credit-linked Notes                            USD 20 million(Mur 700 million)           CARE MAU A- (SO); Stable [Single A Minus (Structured Obligation); Outlook: Stable] CARE MAU A2+ (SO) [A Two Plus (Structured Obligation)]           Download Download
Attitude Hospitality Ltd April 23, 2019 Bond Issue                            MUR 1,000 million           CARE MAU A (Stable) [Single A; Outlook: Stable]           Download Download
GVL (Mauritius) Limited March 29, 2019 Bank Facilities                            USD 38 Million           CARE MAU BBB+; Stable [Triple B Plus; Outlook: Stable]           Download Download
The Mauritius Commercial Bank Ltd March 18, 2019 Issuer Rating                           Not Applicable            CARE MAU AAA (IS) Stable           Download
CIM Finance Ltd. February 20, 2019
Long term Bank Facilities MUR 1,250 Million(reduced from MUR 1,480 Million) CARE MAU AA; Stable [Double A; Outlook Stable]
Long term/Short term bank Facilities MUR 1,870 Million(enhanced from MUR 1,640 Million) CARE MAU AA; Stable/ CARE MAU A1+[Double A; Outlook Stable/A One plus]
Short term loan MUR 1,000 Million CARE MAU A1+ [A One Plus]
Bank facilities- Long term Bond MUR 3,500 Million CARE MAU AA; Stable [Double A; Outlook Stable]
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Leal & Co. Ltd February 20, 2019 Short-term loan – carved out of working capital facilities                           MUR 200 Million           CARE MAU A1 +(A One Plus)           Download Download
ENL Limited January 8, 2019 Bond                            Mur 3,000 million           CARE MAU A (Stable)[Single A; Outlook: Stable]           Download Download
Aquarelle International Limited November 23, 2018 Bond Issue                            USD 9.0 Million           CARE MAU A; Stable [Single A; Outlook: Stable]           Download Download

* The rating is normally valid for a period of one year from the date of our initial communication of rating to client. However, CRAF reserves the right to undertake a surveillance/review of the rating from time to time, based on circumstances warranting such review, subject to at least one such review/surveillance every year.
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