Rating List


Rating List

Name Date of Rating
(Initial Rating or Annual Surveillance)*
Instrument Amount Rating Rating Rationale Brief Rationale
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
Commercial Investment Property Fund Limited May 30, 2018 Bond - Senior Tranche                           MUR 400 Million           CARE MAU A- (SO); Stable [Single A Minus (Structured Obligation); Outlook: Stable]            Download Download
CIM Finance Ltd. June 7, 2018 Proposed Short term loan                            MUR 1,000 Million            CARE MAU A1 + (A One Plus)           Download Download
Leal & Co. Limited May 7, 2018 Proposed Short-term loan – carved out of working capital facilities                            MUR 200 Million            CARE MAU A1 +(A One plus)           Download Download
CIM Finance Ltd. March 28, 2018
Long term Bank Facilities MUR 1,480 Million
(enhanced from MUR 650 Million)
CARE MAU AA; Stable [Double A; Outlook Stable]
Long term/Short term bank Facilities MUR 1,640 Million
(enhanced from MUR 350 Million)
CARE MAU AA; Stable/ CARE MAU A1+[Double A; Outlook Stable/A One plus]
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The Medical & Surgical Centre Limited March 28, 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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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2018 Proposed Short term Bond                                  Euro 10.0 Million(MUR 380.40 Million)           RATING WITHDRAWN            Download
CIEL Limited December 6, 2017
Bond Issue MUR 1,000.05 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]
Short term Bond issue MUR 1,230 Million
(reduced from MUR 1,500 Million)
CARE MAU A1+(A One Plus)
Proposed Commercial Paper –(earmarked against working capital limit) MUR 270.00 Million CARE MAU A1+(A One Plus)
Proposed Bond Issue MUR 1,300 Million CARE MAU AA; Stable [Double A; Outlook: Stable]
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*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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