| Name |
Date of Rating
(Initial Rating or Annual Surveillance)*
|
Instrument |
Amount |
Rating |
Rating Rationale |
Brief Rationale |
| CIM Financial Services Ltd |
September 07, 2023 |
| Proposed Green Bond Issue |
MUR 1,500 Million |
CARE MAU AA; Stable |
| Long Term Bond Issue |
MUR 2,590 Million |
CARE MAU AA; Stable |
| Long Term Bond Issue |
MUR 2,500 Million |
CARE MAU AA; Stable |
| Long Term Bond Issue |
MUR 1,340 Million |
CARE MAU AA; Stable |
| Long Term Bond Issue |
MUR 1,070 Million |
CARE MAU AA; Stable |
| Term Loan |
MUR 644 Million (USD 14 Million) |
CARE MAU AA; Stable |
Bank Facilities – Long Term/Short Term |
MUR 7,143 Million (enhanced from MUR 6,733) |
CARE MAU AA; Stable/ CARE MAU A1+ |
Revolving Credit Facility |
MUR 1,000 Million |
CARE MAU AA; Stable |
Green Bond Issue |
|
Withdrawn |
Proposed Bond Issue |
|
Withdrawn |
Proposed Green Bond Issue |
|
Withdrawn |
|
Download
|
Download
|
KASA Investments Ltd |
September 07, 2023 |
Bond Issue |
MUR 600 Million |
CARE MAU A (SO); Stable |
Download
|
Download
|
| Investcorp (Holdings) Ltd |
September 07, 2023 |
Bond Issue - Long Term |
MUR 1,123 Million |
CARE MAU BBB+; CWD |
Download
|
Download
|
| Swan Life Ltd |
September 07, 2023 |
Issuer Rating |
Not Applicable |
CARE MAU AA+ (Is); Stable |
Download
|
Download
|
| Envolt Limited |
September 07, 2023 |
| Proposed Bond Issue - Green Bond II |
Mur 510 Million (Enhanced from MUR 500 million) |
CARE MAU BBB+; Stable |
| Bank Facility |
Mur 138 Million |
CARE MAU A-(SO); Stable |
|
Download
|
Download
|
| Loinette Capital Limited |
August 04, 2023 |
| Proposed Bank Facilities |
MUR 396 Million (USD 9 Million) |
CARE MAU A; Stable |
|
Download
|
Download
|
| Attitude Hospitality Ltd |
August 04, 2023 |
Bond Issue |
MUR 1,000 Million |
CARE MAU A-; Stable |
Download
|
Download
|
| Mammouth Trading Co. Ltd |
August 04, 2023 |
| Proposed Bond Issue |
MUR 650 million |
CARE MAU BBB+; Stable |
|
Download
|
Download
|
| G.M Punjabi & Co. Ltd |
August 04, 2023 |
| Bank Facilities (Short-Term) |
MUR 340 million |
CARE MAU A2 |
|
Download
|
Download
|
| CM Structured Products (1) Ltd |
August 04, 2023 |
Secured Credit-Linked Floating Rate Notes |
MUR 1,300 Million |
CARE MAU A(SO);Stable |
Download
|
Download
|
| MCB Group Limited |
August 04, 2023 |
| Bond Issue |
MUR 2,000 million |
CARE MAU AAA; Stable |
| Proposed Bond Issue |
MUR 2,500 million |
CARE MAU AAA; Stable |
|
Download
|
Download
|
| Mauritius Sugar Syndicate |
August 04, 2023 |
| Money Market Instrument (MMI) (Short Term) |
Mur 2,000 million |
CARE MAU A1+ |
| Proposed Money Market Instrument (MMI) (Short Term) |
Mur 2,000 million |
CARE MAU A1+ |
|
Download
|
Download
|
| BH Property Investments Limited |
August 04, 2023 |
Term Loan |
MUR 200 Million(reduced from Mur 280 million) |
CARE MAU A; Positive |
Download
|
Download
|
| La Prudence Leasing Finance Co.Ltd |
June 29,2023 |
| Bond Issue |
MUR 369 Million |
CARE MAU A-; Stable |
| Proposed Bank Facility |
MUR 100 Million |
CARE MAU A-; Stable |
| Proposed Bond Issue/Bank Facility |
MUR 231 million |
CARE MAU A-; Stable |
|
Download
|
Download
|
| One & Only Villas at St. Geran Ltd |
June 29,2023 |
Bank Facility |
MUR 4,500 Million |
CARE MAU AA-(SO);Stable |
Download
|
Download
|
| New Futures Ltd |
June 29, 2023 |
| Bank Facility |
EUR 16.1 Million (Mur 800 Million) |
CARE MAU A-(SO); Stable |
|
Download
|
Download
|
| Creative Properties Ltd |
June 29, 2023 |
| Bank Facilities |
MUR 2,547 Million |
CARE MAU A+ (SO); Stable |
| Bank Guarantees (Long-Term) |
MUR 111 Million |
CARE MAU A+ (SO) |
| Overdraft facilities |
MUR 285 million |
CARE MAU A1 (SO); Stable |
|
Download
|
Download
|
| Currimjee Jeewanjee and Company Limited |
June 29, 2023 |
Bond Issue |
MUR 2,200 million |
CARE MAU A-;Stable |
Download
|
Download
|
| Emtel Limited |
June 29, 2023 |
| Bond Issue |
Mur 1,000 million |
CARE MAU AA-; Stable |
| Bond Issue |
Mur 900 million |
CARE MAU AA-; Stable |
|
Download
|
Download
|
| Bank One Limited |
June 29, 2023 |
| Tier II Bond |
Mur 600 Million |
CARE MAU A+; Stable |
|
Download
|
Download
|
| MUA Ltd |
June 08, 2023 |
| Bond Issue |
MUR 500 million |
CARE MAU AA-; Positive |
| Bond Issue |
MUR 100 million |
CARE MAU AA-; Positive |
| Bank Facility |
Mur 200 million |
CARE MAU AA-; Positive |
| Proposed Bond Issue |
Mur 200 million |
CARE MAU AA-; Positive |
|
Download
|
Download
|
| Chartreuse Group Ltd |
June 08, 2023 |
| Proposed Bond Issue |
MUR 400 million |
CARE MAU BBB; Stable |
|
Download
|
Download
|
| ENL Limited |
June 08, 2023 |
| Bond Issue |
MUR 1,414 million |
CARE MAU A+; Stable |
| Bond Issue |
MUR 3,000 million |
CARE MAU A+; Stable |
| Proposed Bond Issue |
MUR 165 million |
CARE MAU A+; Stable |
| Proposed Bond Issue |
MUR 586 million |
CARE MAU A+; Stable |
|
Download
|
Download
|
| ENL Property Limited |
June 08, 2023 |
| Term Loan- Long Term |
MUR 2,300 million |
CARE MAU A; Stable |
| Overdraft- Short Term |
MUR 300 million |
CARE MAU A1 |
|
Download
|
Download
|
Oficea Company Limited |
June 08, 2023 |
| Bond Issue (Senior Tranche) |
MUR 1,400 million |
CARE MAU A; Stable |
| Bond Issue (Junior Tranche) |
MUR 900 million |
CARE MAU BBB+; Stable |
|
Download
|
Download
|
| Moka City Limited |
June 08, 2023 |
| Term Loan |
MUR 1,250 million |
CARE MAU A+; Stable |
| Overdraft |
MUR 250 million |
CARE MAU A1 |
|
Download
|
Download
|
| Axess & Co. Ltd |
June 08, 2023 |
| Bank Facilities – Overdraft and Import loan |
MUR 350 million |
CARE MAU A+; Stable |
| Proposed Money Market Instrument |
MUR 100 Million |
CARE MAU A1+ |
| Proposed Bank Facilities – Working Capital |
MUR 800 million |
CARE MAU A1+ |
|
Download
|
Download
|
Alteo Limited |
May 11, 2023 |
Bond issue |
MUR 950 million |
CARE MAU A(SO); Stable |
Download
|
Download
|
| Leal & Co. Ltd |
May 11, 2023 |
Term Loan |
MUR 600 million |
CARE MAU A+; Stable |
Download
|
Download
|
| Lottotech Ltd |
May 11, 2023 |
| Bank Loan |
MUR 77 million (reduced from Mur 90 million) |
CARE MAU AA-; Positive |
| Overdraft Facility |
MUR 37 million |
CARE MAU A1+ |
|
Download
|
Download
|
| Gamma Civic Ltd |
May 11, 2023 |
Long Term Bond |
MUR 1,000 Million |
CARE MAU AA-; Stable |
Download
|
Download
|
| Cyber Properties Investment Ltd |
March 30,2023 |
Bank Facility |
MUR 350 Million |
CARE MAU A-;Stable |
Download
|
Download
|
| Miwa Sugar Limited |
March 30, 2023 |
Promissory Notes Issue |
MUR 950 Million |
CARE MAU A; Stable |
Download
|
Download
|
| Spice Finance Ltd |
March 30, 2023 |
Proposed Bond |
MUR 500 Million |
CARE MAU A-; CWD[Single A Minus; Under Credit watch with Developing Implications] |
Download
|
Download
|
Iconic View Ltd |
March 14, 2023 |
Bank Facility (GFA) |
MUR 1,777 Million |
CARE MAU A+ (SO); Stable |
Download
|
Download
|
Evaco Ltd |
March 14, 2023 |
Bond Issue |
MUR 473 Million |
CARE MAU A- (SO); Stable |
Download
|
Download
|
| The Mauritius Commercial Bank Limited |
March 14, 2023 |
Issuer Rating |
Not Applicable |
CARE MAU AAA (Is); Stable |
Download
|
Download
|
| MCB Structured Solutions Ltd |
March 14, 2023 |
Secured Credit-Linked Notes |
MUR 160 Million |
CARE MAU AA (SO);Stable |
Download
|
Download
|
| Bank One Limited |
February 14, 2023 |
| Issuer Rating |
|
Rating Withdrawn |
|
|
Download
|
| Wolmar Sun Hotels Limited |
February 14, 2023 |
Proposed Long Term Bond |
MUR 1,605 Million (EUR 33 Million) |
CARE MAU A-; Stable |
Download
|
Download
|
Tropical Paradise Co Ltd |
December 20, 2022 |
Term Loan |
MUR 503 Million |
CARE MAU A-; Negative |
Download
|
Download
|
Medine Limited |
December 20, 2022 |
Bond Issue |
MUR 1,000 Million |
CARE MAU A; Stable |
Download
|
Download
|
CM Diversified Credit Ltd |
December 20, 2022 |
Secured Credit Link Notes |
MUR 2,300 Million (enhanced from MUR 1,967 million) |
CARE MAU A (SO); Stable / CARE MAU A1 (SO) |
Download
|
Download
|
C-Care (Mauritius) Ltd |
December 05, 2022 |
| Term Loan |
MUR 288 Million(reduced from MUR 348 Million) |
CARE MAU A+; Positive |
| Long/Short term Overdraft Facility |
MUR 50 Million |
CARE MAU A1+ |
| Proposed Term Loan |
MUR 482 Million |
CARE MAU A+;Positive |
|
Download
|
Download
|
Ascencia Limited |
December 05, 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 |
|
Download
|
Download
|
| Commercial Investment Property Fund Limited |
December 05, 2022 |
| Bond (Senior Tranche) |
MUR 1,000 Million |
CARE MAU A; Stable |
| Bond (Junior Tranche) |
Mur 350 Million |
CARE MAU A-; Stable |
|
Download
|
Download
|
| CIEL Limited |
December 05, 2022 |
| Bond Issue |
Mur 970 Million |
CARE MAU AA-; Stable |
| Bond Issue |
MUR 1,530 Million |
CARE MAU AA-; Stable |
| Bond Issue |
MUR 500 Million |
CARE MAU AA-; Stable |
| Bank Facilities– Long Term/Short term |
MUR 180 Million |
CARE MAU AA-; Stable/ CARE MAU A1+ |
|
Download
|
Download
|
| HV Holdings Ltd |
December 02, 2022 |
Proposed Bond Issue |
MUR 1,500 Million |
CARE MAU BBB+; Stable |
Download
|
Download
|
| SBM Factors Ltd |
November 14, 2022 |
Bank Facilities |
MUR 1,500 Million |
CARE MAU A2+ |
Download
|
Download
|
| MaxCity Property Fund Ltd |
November 14, 2022 |
| Bond Issue – Long Term |
Mur 1,000 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 483 million) |
CARE MAU A-; Stable |
|
Download
|
Download
|
Omnicane Thermal Energy Operations (St Aubin) Limited |
November 14, 2022 |
Bank Facilities |
MUR 300 Million |
CARE MAU A1+ |
Download
|
Download
|
| Compagnie des Villages de Vacances de l'Isle de France Limitée [COVIFRA] |
November 14, 2022 |
| Bond Issue |
EUR 15 Million (Mur 660 million) |
CARE MAU A; Stable |
| Bank Facilities |
EUR 13 Million (MUR 572 million) |
CARE MAU A; Stable |
|
Download
|
Download
|
CM Structured Finance (2) Ltd |
November 14, 2022 |
Secured Credit-linked Notes |
EUR 8 Million (MUR 352 Million) |
CARE MAU A-(SO); Stable / CARE MAU A2+(SO) |
Download
|
Download
|
| CM Structured Products (2) Ltd |
October 17, 2022 |
Secured Credit Link Notes |
EUR 5 Million (MUR 216 Million) |
CARE MAU A-(SO)Stable / CARE MAU A2+(SO) |
Download
|
Download
|
| CIEL Finance Ltd |
September 29, 2022 |
| Bond Issue |
Mur 500 Million |
CARE MAU A; Stable |
| Proposed Bond Issue |
Mur 850 Million |
CARE MAU A; Stable |
|
Download
|
Download
|
| City and Beach Hotels (Mauritius) Limited |
September 29, 2022 |
Bond Issue |
Euro 30 Million (Mur 1,320 Million) |
CARE MAU A-; Stable |
Download
|
Download
|
| Lavastone Ltd |
September 29, 2022 |
| Bond |
MUR 350 Million |
CARE MAU A-; Stable |
| Proposed Bond |
Mur 650 million |
CARE MAU A-; Stable |
|
Download
|
Download
|
| Omnicane Thermal Energy Operations (La Baraque) Limited |
September 22, 2022 |
| Bank facility |
Mur 1,312(Increase from MUR 1,115 million) |
CARE MAU A2+ |
Term Loan |
Mur 36 Million |
CARE MAU A-; Stable |
|
Download
|
Download
|
| Omnicane Holdings (La Baraque) Thermal Energy Limited |
September 22, 2022 |
Bond issue |
Mur 423.1 (Reduced from MUR 488 Million) |
CARE MAU A-; Stable |
Download
|
Download
|
| CM Structured Finance (1) Ltd |
April 20,2022 |
Rating Withdrawn |
|
|
|
Download
|
Aquarelle International Limited |
January 17, 2022 |
| Rating Withdrawn |
|
|
| Rating Withdrawn |
|
|
|
|
Download
|
| Omnicane Milling Operations Ltd |
December 28, 2021 |
|
|
Download
|
| GVL (Mauritius) Limited |
June 04, 2021 |
Rating Withdrawn |
|
|
|
Download
|
| BanyanTree Bank Limited |
February 22, 2021 |
Rating Withdrawn |
|
|
|
Download
|
| CIM Finance Ltd |
November 4,2020 |
|
|
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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