Rating List


Rating List

Name Date of Rating
(Initial Rating or Annual Surveillance)*
Instrument Amount Rating Rating Rationale Brief Rationale
Tropical Paradise Co Ltd June 30, 2020 Term Loan                            MUR 503 Million            CARE MAU A+; Placed Under Credit Watch with Negative Implications [Single A plus; Under Credit Watch with Negative Implications]            Download Download
CM Structured Finance (2) Ltd June 29, 2020 Secured Credit-linked Notes                            EUR 15 Million (MUR 600 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); Under Credit Watch with Negative Implications[A Two Plus (Structured Obligation); Under Credit Watch with Negative Implications]           
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]
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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
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]
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CIM Finance Ltd. May 29, 2020
Long term Bank Facilities MUR 1,308 Million CARE MAU AA; Negative[Double A; Outlook: Negative]
Long term/Short term bank Facilities MUR 2,725 Million CARE MAU AA; Negative/ CARE MAU A1+[Double A; Outlook: Negative /A One Plus]
Short term loan MUR 1,000 Million CARE MAU A1 +[A One Plus]
Bank facilities- Long term Bond MUR 3,500 Million CARE MAU AA; Negative[Double A; Outlook: Negative]
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Omnicane Thermal Energy Operations (La Baraque) Limited May 08, 2020
Proposed Bond MUR 945 Million CARE MAU A-; Stable [Single A Minus; Outlook: Stable]
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City and Beach Hotels (Mauritius) Limited May 08, 2020 Bond I                            EUR 30 Million(Mur 1,200 Million)            CARE MAU A; Under Credit Watch with Negative Implications [Single A; Under Credit Watch with Negative Implications]            Download Download
CIM Financial Services Ltd May 12, 2020
Bond I MUR 2,000 Million CARE MAU AA; Negative [Double A; Outlook: Negative]
Bond II MUR 2,000 Million CARE MAU AA; Negative [Double A; Outlook: Negative]
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Compagnie des Villages de Vacances de l'Isle de France Limitée [COVIFRA] May 08, 2020
Bond Issue EUR 15 Million (MUR 600 Million) CARE MAU A+; Under Credit Watch with Negative Implications [Single A Plus; Under Credit Watch with Negative Implications]
Bank Facilities EUR 13 Million(MUR 520 Million) CARE MAU A+; Under Credit Watch with Negative Implications [Single A Plus; Under Credit Watch with Negative Implications]
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Attitude Hospitality Ltd May 08, 2020 Bond Issue                            MUR 1,000 Million            CARE MAU A; Under Credit Watch with Negative Implications [Single A; Under Credit Watch with Negative Implications]            Download Download
Aquarelle International Limited February 27, 2020
Bond Issue USD 3.3 Million (MUR 121 Million) CARE MAU A; Stable [Single A; Outlook: Stable]
Proposed Bond Issue USD 5.7 Million (MUR 210 Million) CARE MAU A; Stable [Single A; Outlook: Stable]
Download Download
BanyanTree Bank Limited April 07, 2020 Fixed Deposit Programme                            USD 150 Million(Equivalent to Mur 5.9 Billion)            CARE MAU D downgraded from CARE MAU BBB+; Stable [Triple B Plus; Outlook: Stable]            Download
MaxCity Property Fund Ltd March 27, 2020
Bond USD 11.1 Million(MUR 433 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]
Download Download
GVL (Mauritius) Limited March 27, 2020 Bank Facilities                            USD 58 Million(enhanced from USD 38 Million)           CARE MAU BBB+; Stable [Triple B Plus; Outlook: Stable]           Download Download
Leal & Co. Ltd March 16, 2020 Short-term loan – carved out of working capital facilities                            MUR 200 Million            CARE MAU A1 +(A One Plus)            Download Download
The Mauritius Commercial Bank Ltd March 13,2020 Issuer Rating                           Not Applicable            CARE MAU AAA (IS) Stable           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”            Download
C-Care (Mauritius) Ltd December 18, 2019
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]
Download Download
CM Structured Products (2) Ltd. January 17, 2020 Secured Credit Link Notes                            EUR 5 Million(MUR 200 Million)            CARE MAU A- (SO); Stable [Single A Minus (Structured Obligation); Outlook: Stable] / CARE MAU A2+ (SO) [A Two Plus (Structured Obligation)]            Download Download
Commercial Investment Property Fund Limited December 18, 2019 Bond – Senior Tranche                           MUR 400 Million           CARE MAU A- (SO); Stable[Single A Minus (Structured Obligation); Outlook: Stable]           Download Download
CM Diversified Credit Ltd December 20, 2019 Secured Credit Link Notes                            MUR 1,750 Million(enhanced from MUR 1,400 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 Holdings (La Baraque) Thermal Energy Limited November 29, 2019 Bond                            MUR 550 Million            CARE MAU A-; Stable [Single A Minus; Outlook: Stable]            Download Download
CIEL Limited November 26, 2019
Bond Issue Nil (reduced from MUR 700.05 Million – Bond fully repaid) RATING WITHDRAWN
Long/Short term Bank Facilities MUR 180.00 Million CARE MAU AA; Negative/ CARE MAU A1+ [Double A; Negative/A One plus]
Bond issue MUR 1,270 Million CARE MAU AA; Negative [Double A; Outlook: Negative]
Bond issue MUR 1,530 Million CARE MAU AA; Negative [Double A; Outlook: Negative]
Download Download
Lavastone Ltd November 11, 2019 Bond                            MUR 1,000 Million            CARE MAU A-; Stable [Single A Minus; Outlook: Stable]            Download Download
City and Beach Hotels (Mauritius) Limited October 22, 2019 Bond                            EUR 30 Million(Mur 1,200 Million)            CARE MAU A; Stable [Single A; Outlook: Stable]            Download Download
CIEL Finance Limited October 10, 2019 Bond                            MUR 500 Million            CARE MAU A+ Stable [Single A Plus; Outlook: Stable]            Download Download
MUA Ltd August 13, 2019 Proposed Bond issue                            MUR 500 million            CARE MAU AA-; Stable [Double A Minus; 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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