Rating List


Rating List

Name Date of Rating
(Initial Rating or Annual Surveillance)*
Instrument Amount Rating Rating Rationale Brief Rationale
The Mauritius Commercial Bank Ltd March 18, 2019 Issuer Rating                           Not Applicable            CARE MAU AAA (IS) Stable          
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
The Medical & Surgical Centre Limited December 20, 2018
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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CIEL Limited December 20, 2018
Bond Issue MUR 700.05 Million(reduced from MUR 1000.05 Million) CARE MAU AA; Stable [Double A; Outlook: Stable]
Long/Short term Bank Facilities MUR 180.00 Million CARE MAU AA; Stable/ CARE MAU A1+[Double A; Stable/A One plus]
Bond issue MUR 1,270 Million(reduced from MUR 1,300 Million) CARE MAU AA; Stable [Double A; Outlook: Stable]
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Commercial Investment Property Fund Limited December 20, 2018 Bond – Senior Tranche                           MUR 400 Million           CARE MAU A- (SO); Stable[Single A Minus (Structured Obligation); Outlook: Stable]           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
Banyan Tree Bank Limited September 25, 2018 Fixed Deposit Programme                           USD 150 Million(equivalent to Mur 5.4 billion)           CARE MAU BBB+; Stable [Triple B Plus; Outlook: Stable]Downgraded from CARE MAU A-; Negative[Single A minus; Outlook Negative]           Download Download
Bank One Limited June 27, 2018 Issuer Rating                           N.A.           CARE MAU A+ (Is); Stable [Single A Plus (Issuer); Outlook: Stable]           Download Download
MaxCity Property Fund Limited March 28, 2018 Bond - Senior Tranche                            MUR 600 Million            CARE MAU A (SO); Stable [Single A(Structured Obligation); Outlook: Stable]           Download Download
Mara Delta Property Holdings Limited February 6, 2018 Proposed Short term Bond                                  Euro 10.0 Million(MUR 380.40 Million)           RATING WITHDRAWN            Download
*Outlook assigned in line with recent change in policy of CRAF: Negative.
* 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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