| Name |
Date of Rating
(Initial Rating or Annual Surveillance)*
|
Instrument |
Amount |
Rating |
Rating Rationale |
Brief Rationale |
| Tropical Paradise Co Ltd |
June 30, 2020 |
Term Loan |
MUR 503 Million |
CARE MAU A+; Placed Under Credit Watch with Negative Implications [Single A plus; Under Credit Watch with Negative Implications] |
Download
|
Download
|
| CM Structured Finance (2) Ltd |
June 29, 2020 |
Secured Credit-linked Notes |
EUR 15 Million (MUR 600 Million) |
CARE MAU A- (SO); Under Credit Watch with Negative Implications[Single A Minus (Structured Obligation); Under Credit Watch with Negative Implications] CARE MAU A2+ (SO); Under Credit Watch with Negative Implications[A Two Plus (Structured Obligation); Under Credit Watch with Negative Implications] |
|
|
| Emtel Limited |
June 12, 2020 |
| Bond Issue |
MUR 1,000 Million |
CARE MAU AA-; Stable [Double A Minus; Outlook: Stable] |
| Long-Term Bond Issue – Tranche 1 |
MUR 700 Million |
CARE MAU AA-; Stable [Double A Minus; Outlook: Stable] |
| Proposed Bond Issue |
MUR 450 Million |
CARE MAU AA-; Stable [Double A Minus; Outlook: Stable] |
|
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|
Download
|
| Alteo Limited |
June 29, 2020 |
Bond issue |
MUR 1,500 million |
CARE MAU A; Stable [Single A; Outlook: Stable] |
|
Download
|
| ENL Limited |
June 29, 2020 |
Bond |
MUR 3,000 million |
CARE MAU A; Stable [Single A; Outlook: Stable] |
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|
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|
| Bank One Limited |
June 12, 2020 |
| Issuer Rating |
N.A |
CARE MAU A+ (Is); Negative [Single A Plus (Issuer); Outlook: Negative] |
| Tier II Bond |
Mur 800 Million |
CARE MAU A+ ; Negative [Single A Plus; Outlook: Negative] |
|
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|
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|
| CIM Finance Ltd. |
May 29, 2020 |
| Long term Bank Facilities |
MUR 1,308 Million |
CARE MAU AA; Negative[Double A; Outlook: Negative] |
| Long term/Short term bank Facilities |
MUR 2,725 Million |
CARE MAU AA; Negative/ CARE MAU A1+[Double A; Outlook: Negative /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; Negative[Double A; Outlook: Negative] |
|
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|
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|
| Omnicane Thermal Energy Operations (La Baraque) Limited |
May 08, 2020 |
| Proposed Bond |
MUR 945 Million |
CARE MAU A-; Stable [Single A Minus; Outlook: Stable] |
|
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|
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|
| City and Beach Hotels (Mauritius) Limited |
May 08, 2020 |
Bond I |
EUR 30 Million(Mur 1,200 Million) |
CARE MAU A; Under Credit Watch with Negative Implications [Single A; Under Credit Watch with Negative Implications] |
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|
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|
| CIM Financial Services Ltd |
May 12, 2020 |
| Bond I |
MUR 2,000 Million |
CARE MAU AA; Negative [Double A; Outlook: Negative] |
| Bond II |
MUR 2,000 Million |
CARE MAU AA; Negative [Double A; Outlook: Negative] |
|
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|
Download
|
| Compagnie des Villages de Vacances de l'Isle de France Limitée [COVIFRA] |
May 08, 2020 |
| Bond Issue |
EUR 15 Million (MUR 600 Million) |
CARE MAU A+; Under Credit Watch with Negative Implications [Single A Plus; Under Credit Watch with Negative Implications] |
| Bank Facilities |
EUR 13 Million(MUR 520 Million) |
CARE MAU A+; Under Credit Watch with Negative Implications [Single A Plus; Under Credit Watch with Negative Implications] |
|
Download
|
Download
|
| Attitude Hospitality Ltd |
May 08, 2020 |
Bond Issue |
MUR 1,000 Million |
CARE MAU A; Under Credit Watch with Negative Implications [Single A; Under Credit Watch with Negative Implications] |
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|
Download
|
| Aquarelle International Limited |
February 27, 2020 |
| Bond Issue |
USD 3.3 Million (MUR 121 Million) |
CARE MAU A; Stable [Single A; Outlook: Stable] |
| Proposed Bond Issue |
USD 5.7 Million (MUR 210 Million) |
CARE MAU A; Stable [Single A; Outlook: Stable] |
|
Download
|
Download
|
| BanyanTree Bank Limited |
April 07, 2020 |
Fixed Deposit Programme |
USD 150 Million(Equivalent to Mur 5.9 Billion) |
CARE MAU D downgraded from CARE MAU BBB+; Stable [Triple B Plus; Outlook: Stable] |
|
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|
| MaxCity Property Fund Ltd |
March 27, 2020 |
| Bond |
USD 11.1 Million(MUR 433 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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|
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|
| GVL (Mauritius) Limited |
March 27, 2020 |
Bank Facilities |
USD 58 Million(enhanced from USD 38 Million) |
CARE MAU BBB+; Stable [Triple B Plus; Outlook: Stable] |
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|
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|
| Leal & Co. Ltd |
March 16, 2020 |
Short-term loan – carved out of working capital facilities |
MUR 200 Million |
CARE MAU A1 +(A One Plus) |
Download
|
Download
|
| The Mauritius Commercial Bank Ltd |
March 13,2020 |
Issuer Rating |
Not Applicable |
CARE MAU AAA (IS) Stable |
|
Download
|
| CM Structured Finance (1) Ltd |
March 13,2020 |
Secured Credit-linked Notes |
USD 20 million(Mur 700 million) |
CARE MAU D downgraded from CARE MAU BB (SO) [Double B (Structured Obligation)] / CARE MAU A4 (SO) [A Four (Structured Obligation)] under “Credit Watch with Negative Implications” |
|
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|
| 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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|
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|
| 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
|
| 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
|
| 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
|
| MUA Ltd |
August 13, 2019 |
Proposed Bond issue |
MUR 500 million |
CARE MAU AA-; Stable [Double A Minus; 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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