United Mauritius Real Agro

CFBANQUE Investment confirms the AA rating assigned to United Mauritius Real Agro (PET2639.MR), an operator in the Real Estate sector based in Mauritius. This credit opinion reflects a superior credit quality, reflecting a very strong capacity to honour its financial obligations even under an adverse macroeconomic environment.

From a fundamental standpoint, the issuer posts an EBITDA margin of 52.2% which sits at the upper end of the sector range and evidences robust pricing power and exhibits a net leverage of 2.26x EBITDA, deemed consistent with the issuer's recurring cash flow generation. With revenues of $9.00B and a market capitalisation of $1.49B, United Mauritius Real Agro commands an established economic footprint within its domestic market.

Our proprietary models assign a Debt Capacity score of 721/1000, an Investment score of 745/1000 and an ESG & Governance score of 770/1000, reflecting a solid debt coverage, an attractive investment potential and governance standards aligned with best market practice.

The Positive outlook reflects our expectation of a gradual improvement in the credit profile over a 12 to 18 month horizon, subject to the execution of the strategic plan communicated by the issuer. This analysis stems from the combined review of our quantitative models and the qualitative judgement of the CFBANQUE Investment rating committee, and may be updated in line with the evolution of fundamentals or the regional macroeconomic environment.