The underlying loans to Vodafone Essar Cellular are cross guaranteed by group companies of Vodafone Essar (VEL), the parent company. Rating agency Fitch has assigned an expected rating of F1+(ind)(SO) to the pass through certificates (PTC).
The expected rating of the PTCs reflects the credit quality of the underlying obligor and the guarantors, the payment structure of the PTCs and the legal and financial structure of the transaction.
The expected rating addresses the timely payment of interest and the principal amount by the final maturity date of 13 March 2009 in accordance with the transaction documentation.