| 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] |
|
Download
|
Download
|
| 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)] |
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|
Download
|
| Omnicane Holdings (La Baraque) Thermal Energy Limited |
November 29, 2019 |
Bond |
MUR 550 Million |
CARE MAU A-; Stable [Single A Minus; Outlook: Stable] |
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|
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RATING WITHDRAWN |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] |
|
Download
|
Download
|
| 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] |
|
Download
|
Download
|
| 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] |
|
Download
|
Download
|
| 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] |
|
Download
|
Download
|
| 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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