Fitch Ratings has affirmed all ratings of single loan sell down transactions whose ratings of pass through certificates (PTCs) are directly linked to IBM India Pvt. Ltd's (IBM India) National Long-term rating.
The rating actions on the PTCs follow Fitch's affirmations of IBM India's National Long-term rating at 'AAA(ind)' with a Stable Outlook, and its Short-term rating at 'F1+(ind)' (for more information refer to the comment entitled "Correction - Fitch Affirms IBM India at 'AAA(ind)'/'F1+(ind)'" published 15 December 2009).
The full list of rating actions is as follows:
Credit Asset Trust Series XLVII:
- INR941.2m Series A1 PO affirmed at 'AAA(ind)(SO)'; Outlook Stable;
- INR174.9m Series A1 IO affirmed at 'AAA(ind)(SO)'; Outlook Stable;
- INR505.0m Series A2 affirmed at 'AAA(ind)(SO)'; Outlook Stable; and
- INR252.5m Series A3 affirmed at 'AAA(ind)(SO)'; Outlook Stable.
Indian Loans Receivable Trust April II 2009:
- INR140.4m Series T1 affirmed at 'AAA(ind)(SO)'; Outlook Stable; and
- INR818.3m Series T2 affirmed at 'AAA(ind)(SO)'; Outlook Stable.
Applicable Criteria available on Fitch's website at www.fitchratings.com and www.fitchindia.com: 'Global Structured Finance Rating Criteria', dated 30 September 2009.
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Rating Outlooks have been published for all newly issued Asia Pacific Structured Finance tranches since June 2008, and concurrently with rating actions for tranches issued prior to June 2008. Unlike a Rating Watch which notifies investors that there is a reasonable probability of a rating change in the short term as a result of a specific event, rating Outlooks indicate the likely direction of any rating change over a one- to two-year period.
Note to editors: Fitch's National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. The best risk within a country is rated 'AAA' and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as 'AAA(ind)' for National ratings in India. Specific letter grades are not therefore internationally comparable.
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Fitch Ratings currently maintains coverage of approximately 5,500 financial institutions, including over 3,200 banks and 1,100 insurance companies, more than 1700 corporates and 100 sovereigns as well as public finance, sub-sovereigns and structured finance transactions.
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