TEXT-Fitch rts STFCL Loan Securitisation Trust Series 67 PTCs

(The following statement was released by the rating agency)

Nov 18 - Fitch Ratings has assigned final ratings of 'AA(ind)(SO)' with a Stable Outlook to Series 1A and Series 1B Pass Through Certificates (PTCs) issued by an SPV called STFCL Loan Securitisation Trust Series 67. The transaction is a securitisation of receivables from a term loan maturing on 9 March 2011.

The PTCs' final ratings reflect the credit quality of the underlying obligor, Shriram Transport Finance Co. Ltd. (SRTR.BO: Quote, Profile, Research) (STFCL or "the obligor"), the payment structure of the PTCs, and the legal and financial structure of the transaction. The final ratings address the timely payment of interest and the timely payment of principal by the final maturity date of 10 March 2011, in accordance with the transaction documentation.

The SPV purchased the receivables from ICICI Bank Limited (ICBK.BO: Quote, Profile, Research) (ICICI Bank or "the originator" or "the seller") in trust for the benefit of the PTC investors. After acquiring the receivables, the SPV issued PTCs to the investors for a total consideration equivalent to the value of the discounted cash flows from the loan. The issue proceeds were used by the SPV to pay ICICI Bank the purchase consideration.

The loan aggregates to INR1,000m and was extended by ICICI Bank to STFCL. In accordance with Fitch's Global Structured Finance Rating Criteria, the ratings of the PTCs are directly linked to the rating of the underlying obligor, STFCL, for which Fitch maintains a Long-term rating of 'AA(ind)'/Stable Outlook.

The transaction closed on 11 September 2009. A new issue report for this transaction will be available shortly on Fitch's India website, www.fitchindia.com.

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.

Applicable Criteria available on Fitch's website at www.fitchratings.com and www.fitchindia.com: "Global Structured Finance Rating Criteria", dated 30 September 2009.