Financial Daily from THE HINDU group of publications
Friday, Sep 19, 2003
Financial Daily from THE HINDU group of publications Friday, Sep 19, 2003 |
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Money & Banking
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Private Banks ICICI Bank personal loan receivables `safe' Our Bureau
Mumbai , Sept. 18 RATING agency Crisil has assigned the highest ratings to various instruments issued under ICICI Bank's securitisation programme involving personal loan receivables. `P1+(so)' rating indicating strong degree of safety regarding timely payment has been granted to Rs 122.74 crore senior call A1 pass through certificates backed by personal loan receivables. `AAA(so)' rating indicating highest degree of safety with regard to timely payment of financial obligations has been assigned to both the Rs 106.48-crore senior class A3 pass through certificates backed by personal loan receivables, and the Rs 75.2-crore senior class A2 pass through certificates backed by personal loan receivables, said Crisil in a release. The pool consists of 45,968 personal loans contracts originated by ICICI Bank and having future receivables of Rs 508.8 crore. The minimum seasoning of the contracts in the pool is two months. Geographically the pool is located mainly in Tamil Nadu, Maharashtra and Delhi. The ratings are based on the credit enhancement mechanism provided to the transaction, the strength of the bank as the originator and servicing agent, the payment structure and the strength of the cashflows, said the release.
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