| 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] |
|
Download
|
Download
|
| 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] |
|
Download
|
Download
|
| 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 |
|
Download
|
Download
|
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] |
|
Download
|
Download
|
| 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] |
|
Download
|
Download
|
| 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 |
|
Download
|
Download
|
| 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 |
|
|
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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