The 1st Credit Rating Agency in Mauritius

Credit Rating

An assessment of the credit worthiness of a borrower in general terms or with respect to a particular debt or financial obligation. A credit rating can be assigned to any entity that seeks to borrow money or reveals its financial strength.

• Credit ratings for borrowers are based on substantial due diligence conducted by the rating agencies. The rating agencies must take a balanced and objective view of the borrower’s financial situation and capacity to service/repay the debt.

CARE Ratings (Africa)

• CARE Ratings (Africa) Private Limited (CRAF) is incorporated in Mauritius with the objective of providing credit ratings and related services in Mauritius and other geographies in Africa.
• Shareholders: CARE’s Ratings, The Mauritius Commercial Bank, State Bank of Mauritius and the African Development Bank
• CRAF holds the license of a Credit Rating Agency from the Financial Services Commission and is the first credit rating agency in Mauritius.
• Strategic Insight is the business development partner for CRAF in the island.

Background of Main Promoter: Care Ratings (India)

• More than 22 years track record
• India's 2nd largest credit rating agency
• Over 31,000 rating assignments abouve Rs10 trillion

Ratings Process

• The rating process takes about two to three weeks, depending on the complexity of the assignment and the flow of information from the client. Ratings are assigned by the Rating Committee

Main segments:

• Corporates
  • Debt ratings (Bonds, Debentures, Commercial Papers, Certificate of Deposits, Subordinated Debt, Fixed Deposits and other such debt obligations)
  • Bank loan ratings (Basel Standardized Risk Assessment framework)
  • Issuer ratings
  • Corporate governance
  • Recovery ratings
• Financial sector
  • Banks
  • Credit Quality ratings
  • Capital protection oriented scheme ratings
  • Insurance
  • NBFCs (leasing, factoring, etc)
  • Securitisation
  • Housing finance
• Insurance
• SME