Mauritius Oil Beverages

CFBANQUE Investment confirms the A rating assigned to Mauritius Oil Beverages (TEL2620.MR), an operator in the Oil & Gas sector based in Mauritius. This credit opinion reflects an investment-grade credit profile, with a satisfactory capacity to service its debt and absorb moderate sectoral shocks.

From a fundamental standpoint, the issuer posts an EBITDA margin of 32.0% which sits at the upper end of the sector range and evidences robust pricing power and exhibits a contained net leverage of 0.69x EBITDA, providing comfortable headroom to absorb capital expenditure and debt servicing. With revenues of $8.85B and a market capitalisation of $11.09B, Mauritius Oil Beverages commands a significant economic footprint within its domestic market.

Our proprietary models assign a Debt Capacity score of 736/1000, an Investment score of 557/1000 and an ESG & Governance score of 430/1000, reflecting a solid debt coverage, a measured investment potential and governance workstreams that need to be deepened.

The Stable outlook indicates that our committee does not anticipate, in its central scenario, a revision of the rating over a 12 to 18 month horizon. 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.