Rating List


Rating List

Name Date of Rating
(Initial Rating or Annual Surveillance)*
Instrument Amount Rating Rating Rationale Brief Rationale
Currimjee Jeewanjee and Company Limited June 27, 2022 Bond Issue                           MUR 2,200 million           CARE MAU A-;Stable[Single A minus;Outlook:Stable]           
Emtel Limited June 27, 2022
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]
MUA Ltd June 27, 2022
Bond Issue Mur 500 million CARE MAU AA-; Positive[Double A Minus; Outlook: Positive]
Bond Issue Mur 100 million CARE MAU AA-; Positive[Double A Minus; Outlook: Positive]
MCB Group Limited June 03,2022 Bond Issue                            MUR 2,000 Million           CARE MAU AAA;Stable[Triple A;Outlook:Stable]          
MCB Structured Solutions Ltd June 03,2022 Secured Credit-Linked Notes                            MUR 160 Million           Provisional CARE MAU AA(SO)Stable[Double A (Structured Obligation);Outlook:Stable]           Download Download
Leal & Co. Ltd June 03, 2022 Proposed Term Loan                            MUR 600 million (enhanced from MUR 500 million)            CARE MAU A+; Stable [Single A Plus; Outlook:Stable]           
Lottotech Ltd May 23, 2022
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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Gamma Civic Ltd May 23, 2022 Bond – long term                           MUR 1,000 Million            CARE MAU AA-; Stable[Double A minus, Outlook: Stable]           Download Download
Alteo Limited May 23, 2022 Bond issue                            MUR 1,450 million            CARE MAU A;[Credit Watch with Developing Implications]            Download
Creative Properties Ltd April 20, 2022
Bank Facilities MUR 1,847 Million CARE MAU A+ (SO); Stable [Single A Plus (Structured Obligation); Outlook: Stable]
Bank Guarantees (Long-Term) MUR 111 Million CARE MAU A1 (SO) [A One Structured Obligation]
Overdraft facilities MUR 285 million CARE MAU A+ (SO); Stable [Single A Plus (Structured Obligation); Outlook: Stable]
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Ascencia Limited April 20, 2022
Bond Issue MUR 1,500 Million CARE MAU AA-;Stable
Bank facilities and Bond (Long-Term) MUR 4,760 Million CARE MAU AA-;Stable
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CM Structured Finance (1) Ltd April 20,2022 Secured Credit-linked Notes                            USD 20 million(Mur 700 million)           CARE MAU D           Download
Spice Finance Ltd March 14, 2022 Bond                            MUR 500 Million            CARE MAU A-; CWD[Single A Minus; Under Credit watch with Developing Implications]           Download Download
The Mauritius Commercial Bank Limited March 14, 2022 Issuer Rating                            Not Applicable            CARE MAU AAA (Is); Stable[Triple A (Is); Outlook: Stable]           Download Download
CIM Financial Services Ltd March 14, 2022
Bond MUR 500 Million CARE MAU AA; Stable [Double A; Outlook: Stable]
Bond MUR 3,500 Million CARE MAU AA; Stable[Double A; Outlook: Stable]
Bond I MUR 1,900 Million (reduced from 2,000 Million) CARE MAU AA; Stable[Double A; Outlook: Stable]
Bond II MUR 2,089 Million CARE MAU AA; Stable[Double A; Outlook: Stable]
Bank Facilities – Long Term/Short Term MUR 5,733 Million CARE MAU AA; Stable/ CARE MAU A1+[Double A; Outlook: Stable/ A One Plus]
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CIEL Limited March 14, 2022
Bond Issue Mur 970 Million CARE MAU A+; Positive[Single A plus; Outlook: Positive]
Bond Issue MUR 1,530 Million CARE MAU A+; Positive[Single A plus; Outlook: Positive]
Bond Issue MUR 500 Million CARE MAU A+; Positive/ CARE MAU A1[Single A plus; Outlook: Positive /A One]
Bank Facilities– Long Term/Short term MUR 180 Million CARE MAU A+; Positive/ CARE MAU A1[Single A plus; Outlook: Positive /A One]
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Evaco Ltd February 04, 2022 Proposed Bond Issue                            MUR 500 Million           CARE MAU A- (SO); Stable [Single A Minus (Structured Obligation)]; Outlook: Stable           Download Download
Aquarelle International Limited January 17, 2022
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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Omnicane Milling Operations Ltd December 28, 2021
Bond Issue MUR 1,700 Million CARE MAU BBB+; Stable
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Omnicane Thermal Energy Operations (St Aubin) Limited December 28, 2021 Bank Facilities                           MUR 300 Million           CARE MAU A1+ [A One Plus]           Download Download
Attitude Hospitality Ltd December 28, 2021 Bond Issue                            MUR 1,000 Million            CARE MAU BBB+; Negative [Triple B Plus; Negative]           Download Download
Compagnie des Villages de Vacances de l'Isle de France Limitée [COVIFRA] December 28, 2021
Bond Issue Euro 15 Million (Mur 750 million) CARE MAU A; Stable [Single A; Outlook: Stable]
Bank Facilities EUR 13 Million (MUR 650 million) CARE MAU A; Stable [Single A; Outlook: Stable]
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CM Diversified Credit Ltd December 28, 2021 Secured Credit Link Notes                            MUR 1,967 Million (enhanced from MUR 1,750 million)            CARE MAU A (SO); Stable [Single A (Structured Obligation); Outlook: Stable]/ CARE MAU A1 (SO) [A One (Structured Obligation)]           Download Download
CM Structured Finance (2) Ltd December 28, 2021 Secured Credit-linked Notes                            EUR 8 Million (MUR 396 Million)           CARE MAU A-(SO); Stable [Single A Minus (Structured Obligation); Outlook: Stable] / CARE MAU A2+ (SO)[A Two Plus (Structured Obligation)]           Download Download
CIEL Finance Limited December 17, 2021 Bond Issue                            MUR 500 Million            CARE MAU A+; Stable[Single A Plus; Outlook: Stable]           Download Download
Bank One Limited December 17, 2021
Issuer Rating N.A CARE MAU A+ (Is); Stable [Single A Plus (Issuer); Outlook: Stable]
Tier II Bond Mur 600 Million CARE MAU A+; Stable[Single A Plus; Outlook: Stable]
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City and Beach Hotels (Mauritius) Limited December 17, 2021 Bond Issue                            Euro 30 million (Mur 1,485 million)           CARE MAU BBB+; Negative [Triple B Plus; Outlook; Negative]           Download Download
CM Structured Products (2) Ltd. December 17, 2021 Secured Credit Link Notes                            EUR 5 million (MUR 248 million)           CARE MAU BBB+ (SO); Negative [Triple B Plus (Structured Obligation); Outlook: Negative]CARE MAU A2 (SO); Negative [A Two (Structured Obligation)] Negative           Download Download
Tropical Paradise Co Ltd December 17, 2021 Term Loan                            MUR 503 Million            CARE MAU A-; Negative [Single A Minus; Negative]           Download Download
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+
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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
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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+
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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
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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
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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]            Download Download
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]
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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Investcorp (Holdings) Ltd August 06, 2021 Proposed Bond Issue                            MUR 1,000 million           CARE MAU BBB+; Stable[Triple B Plus; Outlook: Stable]           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
BanyanTree Bank Limited February 22, 2021 Rating Withdrawn                                                  Download
CIM Finance Ltd November 4,2020
Rating Withdrawn                                                 
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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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