Rating List


Rating List

Name Date of Rating
(Initial Rating or Annual Surveillance)*
Instrument Amount Rating Rating Rationale Brief Rationale
CIM Financial Services Ltd November 16, 2021
Proposed Green Bond Issue MUR 500 Million CARE MAU AA; Negative
Bond II MUR 911 Million CARE MAU A1+
Bond MUR 3,500 Million CARE MAU AA; Negative
Bond I MUR 2,000 Million CARE MAU AA; Negative
Bond II MUR 2,089 Million CARE MAU AA; Negative
Bank Facilities – Long Term/Short Term MUR 5,733 Million CARE MAU AA; Negative/ CARE MAU A1+
Axess & Co. Ltd November 16, 2021
Bank Facilities – Overdraft and Import loan MUR 350 million CARE MAU A+; Stable
Proposed Money market Instrument MUR 100 Million CARE MAU A1+
Commercial Investment Property Fund Limited November 16, 2021
Bonds Issue (Senior Tranche) Mur 400 Million CARE MAU A; Stable
Bonds Issue (Senior Tranche) MUR 1,000 Million CARE MAU A; Stable
Proposed Bond (Junior Tranche) Mur 350 million CARE MAU A-; Stable
C-Care (Mauritius) Ltd November 15, 2021
Term Loan MUR 390 million(reduced from MUR 450 million) CARE MAU A+; Stable
Long/Short term Overdraft Facility MUR 50 Million CARE MAU A+; Stable/ CARE MAU A1+
MaxCity Property Fund Ltd November 15, 2021
Bond Issue – Long Term Mur 1,000 Million(enhanced from 800 Million) CARE MAU A-; Stable
Bond issue – long term MUR 300 Million CARE MAU A-; Stable
Bond issue – long term USD 11.1 million (MUR 472 million) CARE MAU A-; Stable
Ascencia Limited November 15, 2021
Bond Issue MUR 1,500 Million CARE MAU AA- (Stable)
Bank facilities and Bond (Long-Term) MUR 4,400 Million CARE MAU AA- (Stable)
Oficea Company Limited November 15, 2021
Proposed Bond Issue (Senior Tranche) Mur 1,400 million CARE MAU A; Stable
Proposed Bond Issue (Junior Tranche) Mur 900 million CARE MAU BBB+; Stable
Ducray Lenoir (Investments) Ltd October 01, 2021 Proposed Bond Issue                            MUR 600 Million            CARE MAU A (SO); Stable [Single A (Structured Obligation); Outlook: Stable]            Download Download
Lavastone Ltd September 29, 2021
Bond MUR 350 Million CARE MAU A-; Stable [Single A Minus; Outlook: Stable
Proposed Bond Mur 650 million CARE MAU A-; Stable [Single A Minus; Outlook: Stable]
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Omnicane Holdings (La Baraque) Thermal Energy Limited September 29, 2021 Bond issue                            Mur 488 (reduced from 550)            CARE MAU A-; Stable [Single A Minus; Outlook: Stable]           
Omnicane Thermal Energy Operations (La Baraque) Limited September 29, 2021
Bond Issue Mur 392.5 (Reduced from Mur 780 million) CARE MAU A- (Stable) [Single A Minus; Outlook: Stable]
Bank facility Mur 1,115 (Increase from MUR 515 million) CARE MAU A2+ [A Two Plus]
Term Loan Mur 36 Million CARE MAU A- (Stable) [Single A Minus; Outlook: Stable]
Leal & Co. Ltd September 14, 2021 Proposed Term Loan                            MUR 500 Million            CARE MAU A+; Stable [Single A Plus; Outlook:Stable]            Download Download
Alteo Limited September 13, 2021 Bond issue                            MUR 1,500 million            CARE MAU A; Positive [Single A: Outlook: Positive]            Download Download
SBM Factors Ltd September 13, 2021 Bank Facility                            MUR 1,500 Million            CARE MAU A2+; [A Two Plus]            Download Download
Mauritius Sugar Syndicate September 03, 2021
Proposed Money Market Instrument (MMI) (Short Term) MUR 1,200(enhanced from Mur 1,000 million) CARE MAU A1+[Single A One Plus]
Money Market Instrument (MMI) (Short Term) Mur 1,500 million CARE MAU A1+[Single A One Plus]
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CM Structured Products (2) Ltd. August 26, 2021 Secured Credit Link Notes                            EUR 5 million(MUR 250 million)           CARE MAU BBB+(SO); Under Credit Watch with Negative Implications[Triple B Plus (Structured Obligation); Under Credit Watch with Negative Implications]CARE MAU A2 (SO)[A Two (Structured Obligation); Under Credit Watch with Negative Implications]           Download Download
Investcorp (Holdings) Ltd August 06, 2021 Proposed Bond Issue                            MUR 1,000 million           CARE MAU BBB+; Stable[Triple B Plus; Outlook: Stable]           Download Download
Currimjee Jeewanjee and Company Limited August 03, 2021 Proposed Bond                            MUR 2,100 million           CARE MAU A-;Stable[Single A minus;Outlook:Stable]            Download Download
Attitude Hospitality Ltd July 30, 2021 Bond Issue                            MUR 1,000 Million            CARE MAU BBB+; Under Credit Watch with Negative Implications[Triple B Plus; Under Credit Watch with Negative Implications]           Download Download
Tropical Paradise Co Ltd July 30, 2021 Term Loan                            MUR 503 Million            CARE MAU A-; Under Credit Watch with Negative Implications[Single A Minus; Under Credit Watch with Negative Implications]           Download Download
City and Beach Hotels (Mauritius) Limited July 30, 2021 Bond Issue                            Euro 30 Million (Mur 1,500 Million)           CARE MAU BBB+; Under Credit Watch with Negative Implications[Triple B Plus; Under Credit Watch with Negative Implications]           Download Download
Bank One Limited July 22, 2021
Issuer Rating N.A CARE MAU A+ (Is); Negative
Tier II Bond Mur 600 Million CARE MAU A+; Negative
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Emtel Limited June 21, 2021
Bond Issue Mur 1,000 million CARE MAU AA-; Stable [Double A Minus; Outlook: Stable]
Bond Issue Mur 1,150 million CARE MAU AA-; Stable [Double A Minus; Outlook: Stable]
Download Download
MUA Ltd June 28, 2021
Bond Issue Mur 500 million CARE MAU AA-; Stable[Double A Minus; Outlook: Stable]
Proposed Bond Issue Mur 100 million CARE MAU AA-; Stable[Double A Minus; Outlook: Stable]
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Lottotech Ltd June 22, 2021
Loan Mur 90 million CARE MAU AA-; Stable[Double A Minus; Outlook: Stable]
Overdraft Facility Mur 37 million CARE MAU A1+[A One Plus]
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MCB Group Limited June 17,2021 Proposed Bond Issue                            MUR 2,000 Million           CARE MAU AAA;Negative[Triple A;Outlook:Negative]           Download Download
Moka City Limited June 15, 2021
Term Loan Mur 1,250 million CARE MAU A; Stable[Single A; Outlook: Stable]
Overdraft Mur 250 million CARE MAU A1
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ENL Limited June 11, 2021 Bond I                            MUR 3,000 million           CARE MAU A; Stable [Single A; Outlook:Stable]            Download Download
GVL (Mauritius) Limited June 04, 2021 Bank Facilities                            USD 58 Million(enhanced from USD 38 Million)           CARE MAU BBB+ (Positive)[Triple B Plus; Positive]           Download
Gamma Civic Ltd May 13, 2021 Proposed Bond Issue                           MUR 1,000 Million            CARE MAU AA-; Stable[Double A minus, Outlook: Stable]           Download Download
The Mauritius Commercial Bank Limited March 26, 2021 Issuer Rating                            Not Applicable            CARE MAU AAA (Is); (Negative)[Triple A (Is); Outlook: Negative]           Download Download
Spice Finance Ltd March 26, 2021 Bond                            MUR 500 Million            CARE MAU A-; Stable            Download Download
CM Structured Finance (1) Ltd March 26,2021 Secured Credit-linked Notes                            USD 20 million(Mur 800 million)           CARE MAU D           Download
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
Download Download
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
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
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
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
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

* 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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