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Mumbai, April 6: Fitch Rating has assigned an in-principle rating of ‘AAA (IND) (SO)’ to the Rs 613.96 crore senior ‘class A’ pass-through-certificates (PTC) to be issued by a special purpose vehicle called Nivas Trust Series I under the securitisation programme of ICICI Bank.
The assigned rating indicates highest credit quality and the lowest expectation of credit risk. They are assigned only in case of exceptionally strong capacity for timely payment of financial commitments. This capacity is unlikely to be adversely affected by foreseeable events, said Fitch Ratings on Tuesday. The transaction involves the securitisation of a pool of 16,018 residential mortgage loans with aggregate outstanding principal balance on the cut off date of November 30, 2003, of Rs 640 crore.
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