Rating Symbols
A. Rating Definitions for Financial Instruments in Mauritius
| Rating | Definition | Credit Risk |
|---|---|---|
| CARE MAU AAA | Instruments with this rating are considered to have the highest degree of safety in Mauritius. | Lowest |
| CARE MAU AA | Instruments with this rating are considered to have a high degree of safety in Mauritius. | Very low |
| CARE MAU A | Instruments with this rating are considered to have an adequate degree of safety in Mauritius. | Low |
| CARE MAU BBB | Instruments with this rating are considered to have a moderate degree of safety in Mauritius. | Moderate |
| CARE MAU BB | Instruments with this rating are considered to have a moderate risk of default in Mauritius. | Moderate-high |
| CARE MAU B | Instruments with this rating are considered to have a high risk of default in Mauritius. | High |
| CARE MAU C | Instruments with this rating are considered to have a very high risk of default in Mauritius. | Very high |
| CARE MAU D | Instruments with this rating are in default or are expected to be in default soon in Mauritius. | Default or soon |
Modifiers {"+" (plus) / "-"(minus)} can be used with the rating symbols for the categories CARE MAU AA to CARE MAU C. The modifiers reflect the comparative standing within the category.
Rating Outlook
- The rating outlook can be Positive, Stable or Negative.
- A Positive outlook indicates an expected upgrade in the credit ratings in the medium term on account of expected positive impact on the credit risk profile of the entity in the medium term.
- A Negative outlook would indicate an expected downgrade in the credit ratings in the medium term on account of expected negative impact on the credit risk profile of the entity in the medium term.
- A Stable outlook would indicate expected stability (or retention) of the credit ratings in the medium term on account of stable credit risk profile of the entity in the medium term.
B. Rating Definitions for Short Term Debt Instruments in Mauritius
| Rating | Definition | Credit Risk |
|---|---|---|
| CARE MAU A1 | Instruments with this rating are considered to have a very strong degree of safety regarding timely payment of financial obligations in Mauritius. | Lowest |
| CARE MAU A2 | Instruments with this rating are considered to have a strong degree of safety regarding timely payment of financial obligations in Mauritius. | Low |
| CARE MAU A3 | Instruments with this rating are considered to have a moderate degree of safety regarding timely payment of financial obligations in Mauritius. They carry higher credit risk compared to instruments rated in the two higher categories. | Higher |
| CARE MAU A4 | Instruments with this rating are considered to have a minimal degree of safety regarding timely payment of financial obligations in Mauritius. They carry very high credit risk and are susceptible to default. | Very high |
| CARE MAU D | Instruments with this rating are in default or expected to be in default on maturity in Mauritius. | Default or soon |
Modifiers {"+" (plus)} can be used with the rating symbols for the categories CARE MAU A1 to CARE MAU A4. The modifiers reflect the comparative standing within the category.
A. Long / Medium-term Instruments (Bonds/NCD/FD/CD/SO/CPS/RPS/L)
| Rating Symbol | Credit Risk | Rating Definition |
|---|---|---|
| CARE MAU AAA | Lowest | Instruments with this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations in Mauritius. |
| CARE MAU AA | Very Low | Instruments with this rating are considered to have a high degree of safety regarding timely servicing of financial obligations in Mauritius. |
| CARE MAU A | Low | Instruments with this rating are considered to have an adequate degree of safety regarding timely servicing of financial obligations in Mauritius. |
| CARE MAU BBB | Moderate | Instruments with this rating are considered to have a moderate degree of safety regarding timely servicing of financial obligations in Mauritius. |
| CARE MAU BB | Moderate-High | Instruments with this rating are considered to have a moderate risk of default regarding timely servicing of financial obligations in Mauritius. |
| CARE MAU B | High | Instruments with this rating are considered to have a high risk of default regarding timely servicing of financial obligations in Mauritius. |
| CARE MAU C | Very High | Instruments with this rating are considered to have a very high risk of default regarding timely servicing of financial obligations in Mauritius. |
| CARE MAU D | Default or Soon | Instruments with this rating are in default or are expected to be in default soon in Mauritius. |
Modifiers {"+" (plus) / "-" (minus)} may be used with the rating symbols for the categories CARE MAU AA to CARE MAU C. The modifiers reflect the comparative standing within the category.
Rating Outlook
- Positive: Indicates an expected upgrade in the credit ratings in the medium term on account of the expected positive impact on the credit risk profile of the entity.
- Stable: Indicates expected stability (or retention) of the credit ratings in the medium term on account of the stable credit risk profile of the entity.
- Negative: Indicates an expected downgrade in the credit ratings in the medium term on account of the expected negative impact on the credit risk profile of the entity.
Rating Symbols and Definitions for Short-Term Debt Instruments (NCD/CP/CD/FD/SO/CPS/RPS/L)
| Rating Symbol | Credit Risk | Rating Definition |
|---|---|---|
| CARE MAU A1 | Lowest | Instruments with this rating are considered to have a very strong degree of safety regarding timely payment of financial obligations in Mauritius. |
| CARE MAU A2 | Low | Instruments with this rating are considered to have a strong degree of safety regarding timely payment of financial obligations in Mauritius. |
| CARE MAU A3 | Higher | Instruments with this rating are considered to have a moderate degree of safety regarding timely payment of financial obligations in Mauritius. They carry higher credit risk compared to instruments rated in the two higher categories. |
| CARE MAU A4 | Very High | Instruments with this rating are considered to have a minimal degree of safety regarding timely payment of financial obligations in Mauritius. They carry very high credit risk and are susceptible to default. |
| CARE MAU D | Default or Soon | Instruments with this rating are in default or expected to be in default on maturity in Mauritius. |
Modifier {"+" (plus)} may be used with the rating symbols for the categories CARE MAU A1 to CARE MAU A4. The modifier reflects the comparative standing within the category.
A. Long / Medium-term Instruments (Bonds/NCD/FD/CD/SO/CPS/RPS/L)
| Rating Symbol | Credit Risk | Rating Definition |
|---|---|---|
| CARE MAU AAA (Is) | Lowest | Issuers with this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations in Mauritius. |
| CARE MAU AA (Is) | Very Low | Issuers with this rating are considered to have a high degree of safety regarding timely servicing of financial obligations in Mauritius. |
| CARE MAU A (Is) | Low | Issuers with this rating are considered to have an adequate degree of safety regarding timely servicing of financial obligations in Mauritius. |
| CARE MAU BBB (Is) | Moderate | Issuers with this rating are considered to have a moderate degree of safety regarding timely servicing of financial obligations in Mauritius. |
| CARE MAU BB (Is) | Moderate-High | Issuers with this rating are considered to have a moderate risk of default regarding timely servicing of financial obligations in Mauritius. |
| CARE MAU B (Is) | High | Issuers with this rating are considered to have a high risk of default regarding timely servicing of financial obligations in Mauritius. |
| CARE MAU C (Is) | Very High | Issuers with this rating are considered to have a very high risk of default regarding timely servicing of financial obligations in Mauritius. |
| CARE MAU D (Is) | Default or Soon | Issuers with this rating are in default or are expected to be in default soon in Mauritius. |
CRAF’s Issuer Rating (CIR) reflects the overall credit risk of the issuer. The rating scale has been aligned with the long-term instrument rating scale ranging from CARE MAU AAA (Is) (Highest Safety) to CARE MAU D (Is) (Default). The suffix '(Is)' indicates an Issuer Rating.
Modifiers {"+" (plus) / "-" (minus)} may be used with the rating symbols for the categories CARE MAU AA (Is) to CARE MAU C (Is). The modifiers reflect the comparative standing within the category.
Rating Outlook
- Positive: Indicates an expected upgrade in the credit ratings in the medium term on account of the expected positive impact on the credit risk profile of the entity.
- Stable: Indicates expected stability (or retention) of the credit ratings in the medium term on account of the stable credit risk profile of the entity.
- Negative: Indicates an expected downgrade in the credit ratings in the medium term on account of the expected negative impact on the credit risk profile of the entity.
| Rating Symbol | Rating Definition |
|---|---|
| CARE MAU AAAf | Funds with this rating are considered to have the highest degree of safety regarding timely receipt of payments from the investments that they have made. |
| CARE MAU AAf | Funds with this rating are considered to have a high degree of safety regarding timely receipt of payments from the investments that they have made. |
| CARE MAU Af | Funds with this rating are considered to have an adequate degree of safety regarding timely receipt of payments from the investments that they have made. |
| CARE MAU BBBf | Funds with this rating are considered to have a moderate degree of safety regarding timely receipt of payments from the investments that they have made. |
| CARE MAU BBf | Funds with this rating are considered to have a moderate risk of default regarding timely receipt of payments from the investments that they have made. |
| CARE MAU Bf | Funds with this rating are considered to have a high risk of default regarding timely receipt of payments from the investments that they have made. |
| CARE MAU Cf | Funds with this rating are considered to have a very high risk of default regarding timely receipt of payments from the investments that they have made. |
Modifiers {"+" (plus) / "-" (minus)} may be used with the rating symbols for the categories CARE MAU AAf to CARE MAU Cf. The modifiers reflect the comparative standing within the category.
| SME Rating | Definition |
|---|---|
| CARE MAU SME 1 | The level of creditworthiness of an SME, adjudged in relation to other SMEs is the Highest. |
| CARE MAU SME 2 | The level of creditworthiness of an SME, adjudged in relation to other SMEs is High. |
| CARE MAU SME 3 | The level of creditworthiness of an SME, adjudged in relation to other SMEs is Above Average. |
| CARE MAU SME 4 | The level of creditworthiness of an SME, adjudged in relation to other SMEs is Average. |
| CARE MAU SME 5 | The level of creditworthiness of an SME, adjudged in relation to other SMEs is Below Average. |
| CARE MAU SME 6 | The level of creditworthiness of an SME, adjudged in relation to other SMEs is Inadequate. |
| CARE MAU SME 7 | The level of creditworthiness of an SME, adjudged in relation to other SMEs is Poor. |
| CARE MAU SME 8 | The level of creditworthiness of an SME, adjudged in relation to other SMEs is Lowest. Such entities may also be in default. |
| CIS Rating | Definition |
|---|---|
| CARE MAU 1 (CIS) | Schemes carrying this rating are considered to be very strong, with high likelihood of achieving their objectives and meeting the obligations to investors. |
| CARE MAU 2 (CIS) | Schemes carrying this rating are considered to be strong, with adequate likelihood of achieving their objectives and meeting the obligations to investors. They are rated lower than CARE MAU 1 (CIS) rated schemes because of relatively higher risk. |
| CARE MAU 3 (CIS) | Such schemes are considered to have adequate strengths for achieving their objectives and meeting the obligations to investors. They are considered to be investment grade. |
| CARE MAU 4 (CIS) | Schemes carrying this rating are considered to have inadequate capability to achieve their objectives and meet the obligations to investors. They are considered to be of speculative grade. |
| CARE MAU 5 (CIS) | Such schemes are considered weak and are unlikely to achieve their objectives and meet their obligations to investors. They have either failed or are likely to do so in the near future. |
