| 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Rating Withdrawn |
|
|
|
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|
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)] |
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|
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|
Omnicane Thermal Energy Operations (St Aubin) Limited |
December 30, 2020 |
Bank Facilities |
MUR 300 Million |
CARE MAU A1+ [A One Plus] |
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|
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] |
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|
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|
| 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] |
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|
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|
| 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] |
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|
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|
| 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] |
|
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|
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|
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] |
|
Download
|
Download
|
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] |
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|
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] |
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|
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|
| 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] |
|
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|
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|
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] |
|
Download
|
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|
| Lavastone Ltd |
November 20, 2020 |
Bond |
MUR 1,000 million |
CARE MAU A-; Stable [Single A Minus; Outlook: Stable] |
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|
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|
| 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 |
|
|
Download
|
CIEL Finance Limited |
November 4, 2020 |
Bond Issue |
MUR 500 Million |
CARE MAU A+ Stable [Single A Plus; Outlook: Stable] |
Download
|
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|
| 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] |
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|
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|
| 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] |
|
Download
|
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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] |
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|
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|
| Omnicane Holdings (La Baraque) Thermal Energy Limited |
September 18, 2020 |
Bond |
MUR 550 Million |
CARE MAU A-; Stable [Single A Minus; Outlook: Stable] |
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|
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|
| 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” |
|
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|
* 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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