CIM FINANCIAL SERVICES LTD AMONG THE FEW COMPANIES TO MAINTAIN ITS CREDIT RATING ISSUED BY CARE RATINGS (AFRICA)

The Rating assigned to the long-term bond issues and banking facilities of CIM Financial Services Limited (‘Cim Finance’) has been reaffirmed by CARE Ratings (Africa) Private Limited at CARE MAU AA; Negative Outlook. The Rating assigned to the short-term bond issues and bank facilities has also been reaffirmed at CARE MAU A1+, which is the highest rating for any short-term instrument/facility. Following the reassessment exercise recently carried out by CRAF based on Cim Finance’s financial statements for the year ended on 30 September 2020 and for the first quarter ended on 31 December 2020, Cim Finance’s ratings and Outlook were maintained at the same level. The outlook is dependent on the economic outlook of the country, which was revised to negative in May 2020 mainly due to the uncertainty on the adverse impact of COVID-19 on the local and international economy.

Cim Finance stands out as one of the few companies in Mauritius to have maintained its rating. The confirmation of this rating is a testimony to Cim Finance’s financial strength despite the fact that it operates in an economic environment that is more difficult than ever. Cim Finance was also one of the first Mauritian companies to take steps to obtain a credit rating from CRAF in 2017.

“The board of directors and management of Cim Finance are satisfied with the confirmation of this rating and believe that all the actions and efforts that have been made during this challenging period have significantly contributed to the achievement of these results. This rating should also provide comfort to our investors, especially those who subscribed to the Notes issued in 2019 and 2020. We reiterate our commitment to continue to take proactive actions and initiatives so that the company can respond appropriately to the challenges ahead”, says Mark van Beuningen, Group CEO of Cim Finance.

About CARE Ratings Private Limited

CARE Ratings (Africa) Private Limited (CRAF) is the first credit rating agency to be approved by the Financial Services Commission of Mauritius. It is also recognized by Bank of Mauritius as External Credit Assessment Institution (ECAI) since May 9, 2016. In Mauritius, CRAF provides ratings for various instruments such as Bonds, Debentures, Money market Instrument, Bank Deposits, Structured Finance and other debt instruments besides the Bank Facilities including term loans, working capital limits, non-funded exposures (guarantees / Letter of credits) etc.

 The Ratings:

CARE MAU A1 :

Instruments with this rating are considered to have very strong degree of safety regarding timely payment of financial obligations, in Mauritius. Such instruments carry lowest credit risk.

Modifiers {“+” (plus) / “-”(minus)} 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.

CARE MAU AA :

Instruments with this rating are considered to have very strong degree of safety regarding timely payment of financial obligations, in Mauritius. Such instruments carry lowest credit risk.

Modifiers {“+” (plus) / “-”(minus)} 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.