Rating List


Rating List

Name Date of Rating
(Initial Rating or Annual Surveillance)*
Instrument Amount Rating Rating Rationale Brief Rationale
CIEL Limited February 23, 2021
Proposed Bond Issue- long term MUR 500 Million CARE MAU A+; Stable
Bank Facilities-Long /Short Term MUR 180 Million CARE MAU A+; Stable/ CARE MAU A1
Bond Issue MUR 1,270 Million CARE MAU A+; Stable
Bond Issue MUR 1,530 Million CARE MAU A+; Stable
The Mauritius Commercial Bank Limited February 22,2021 Issuer Rating                           Not Applicable            CARE MAU AAA(IS): Stable           
CIM Financial Services Ltd February 22, 2021
Bond I MUR 2,000 Million CARE MAU AA; Negative [Double A; Outlook: Negative]
Bond II MUR 2,089 Million CARE MAU AA; Negative [Double A; Outlook: Negative]
Bank Facilities MUR 700 Million CARE MAU AA; Negative/CARE MAU A1+[Double A; Outlook: Negative/A One Plus]
Short Term Bond MUR 911 Million CARE MAU A1+
Bond MUR 3,500 Million CARE MAU AA; Negative[Double A; Outlook: Negative]
Bank Facilities – Long Term/Short Term MUR 4,033 Million CARE MAU AA; Negative/ CARE MAU A1+
Short Term loan (without earmarking working capital limit) MUR 1,000 Million CARE MAU A1+
BanyanTree Bank Limited February 22, 2021 Rating Withdrawn                                                  Download
CM Diversified Credit Ltd December 30, 2020 Secured Credit Link Notes                            MUR 1,750 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 Thermal Energy Operations (St Aubin) Limited December 30, 2020 Bank Facilities                           MUR 300 Million           CARE MAU A1+ [A One Plus]           Download Download
City and Beach Hotels (Mauritius) Limited December 29, 2020 Bond Issue                            Euro 30 Million *(Mur 1,440 Million)           CARE MAU A-; Under Credit Watch with Negative Implications[Single A Minus; Under Credit Watch with Negative Implications]           Download Download
CM Structured Products (2) Ltd. December 29, 2020 Secured Credit Link Notes                            EUR 5 million(MUR 240 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)[A Two Plus (Structured Obligation); Under Credit Watch with Negative Implications]           Download Download
Compagnie des Villages de Vacances de l'Isle de France Limitée [COVIFRA] December 28, 2020
Bond Issue EUR 15 million (MUR 720 million) CARE MAU A; Under Credit Watch with Negative Implications[Single A; Under Credit Watch with Negative Implications]
Bank Facilities EUR 13 million(MUR 624 million) CARE MAU A; Under Credit Watch with Negative Implications[Single A; Under Credit Watch with Negative Implications]
Download Download
CM Structured Finance (2) Ltd December 28, 2020 Secured Credit-linked Notes                            EUR 8 Million (MUR 384 Million)(Reduced from EUR 15 Million)(MUR 720 Million)           CARE MAU A- (SO); Under CreditWatch with NegativeImplications[Single A Minus(Structured Obligation); UnderCredit Watch with NegativeImplications]CARE MAU A2+ (SO); UnderCredit Watch with NegativeImplications[A Two Plus (StructuredObligation); Under Credit Watchwith Negative Implications]            Download Download
MaxCity Property Fund Ltd December 28, 2020
Bond USD 11.1 Million(MUR 444 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
Aquarelle International Limited December 28, 2020
Bond Issue USD 3.3 Million (MUR 132 Million) CARE MAU A; Stable [Single A; Outlook: Stable]
Proposed Bond Issue USD 5.7 Million (MUR 228 Million) CARE MAU A; Stable [Single A; Outlook: Stable]
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Tropical Paradise Co Ltd December 28, 2020 Term Loan                            MUR 503 Million            CARE MAU A; Under Credit Watch with Negative Implications[Single A; Under Credit Watch with Negative Implications]           Download Download
GVL (Mauritius) Limited December 07, 2020 Bank Facilities                            USD 58 Million(enhanced from USD 38 Million)           CARE MAU BBB+ (Positive)[Triple B Plus; Positive]           Download Download
Ascencia Limited December 02, 2020
Proposed Bond 1,500(enhanced from MUR 1,000 million) CARE MAU A+; Stable [Single A Plus; Outlook: Stable]
Bank facilities MUR 4,400 Million CARE MAU A+; Stable [Single A Plus; Outlook: Stable]
Download Download
C-Care (Mauritius) Ltd November 27, 2020
Term Loan MUR 390 million(reduced from MUR 450 million) CARE MAU A; Stable [Single A; Stable]
Long/Short term Overdraft Facility MUR 50 Million CARE MAU A; Stable/ CARE MAU A1[Single A; Outlook: Stable/A One]
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Lavastone Ltd November 20, 2020 Bond                            MUR 1,000 million            CARE MAU A-; Stable [Single A Minus; Outlook: Stable]            Download Download
Omnicane Milling Operations Ltd November 20, 2020
Bond Issue MUR 1,318 Million CARE MAU BBB+; Stable
Bond Issue EUR 8 Million (MUR 382 Million) CARE MAU BBB+; Stable
Download Download
MUA Ltd November 12,2020 Bond                            MUR 500 million            CARE MAU AA-; Stable [Double A Minus; Outlook: Stable]            Download Download
CIM Finance Ltd. November 4,2020
Rating Withdrawn                                                 
Download
CIEL Finance Limited November 4, 2020 Bond Issue                            MUR 500 Million            CARE MAU A+ Stable [Single A Plus; Outlook: Stable]            Download Download
Commercial Investment Property Fund Limited November 4, 2020 Bond – Senior Tranche                            MUR 400 Million            CARE MAU A- (SO); Stable [Single A Minus (Structured Obligation); Outlook: Stable]            Download Download
Omnicane Thermal Energy Operations (La Baraque) Limited September 18, 2020
Bond MUR 780 Million CARE MAU A-; Stable [Single A Minus; Outlook: Stable]
Bank facility MUR 515 Million CARE MAU A2+[A Two Plus]
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Attitude Hospitality Ltd September 18, 2020 Bond Issue                            MUR 1,000 Million            CARE MAU A-; Under Credit Watch with Negative Implications [Single A Minus; Under Credit Watch with Negative Implications]            Download Download
Omnicane Holdings (La Baraque) Thermal Energy Limited September 18, 2020 Bond                            MUR 550 Million            CARE MAU A-; Stable [Single A Minus; Outlook: Stable]            Download Download
Leal & Co. Ltd September 7, 2020 Short-term loan – carved out of working capital facilities                            MUR 200 Million            CARE MAU A1 +(A One Plus)            Download
SBM Factors Ltd August 31, 2020 Bank Facility                            MUR 1,500 Million            CARE MAU A2+; [A Two Plus]            Download Download
Spice Finance Ltd August 28, 2020 Bond                            MUR 500 Million            CARE MAU A-; Stable [Single A Minus ; Outlook: Stable]            Download 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]           Download Download
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]
Download Download
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]
Download 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”            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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