TEXT-Fitch affirms Indian RMBS 2003 Trust Series I

(The following statement was released by the rating agency)

Nov 25 - Fitch Ratings has affirmed the ratings of the pass
through certificates (PTCs) issued by Indian RMBS 2003 Trust
Series I and assigned Loss Severity ('LS') ratings, as follows:

INR442.7m Series A PTCs affirmed at 'AAA(ind)(SO)'; Outlook
Stable; Loss Severity Rating assigned at 'LS-1'; and

INR16.7m Series P PTCs affirmed at 'AAA(ind)(SO)'; Outlook
Stable; Loss Severity Rating assigned at 'LS-1'.

The affirmations are based on the available credit
enhancement and the performance of the underlying collateral,
which consists of residential mortgage loans originated by ICICI
Bank Limited. As of November 2009, the total available credit
enhancement was INR333.1m, compared to an outstanding pool
balance of INR665.5m. The credit enhancement is in the form of
INR190.5m in subordination, INR142.6m as cash collateral, and
excess interest spread. HKGAs at September 2009, loans
delinquent by 90 days or more accounted for 3.48% of the total
current principal outstanding and 0.60% of the original principal
outstanding. The latest investor report shows that 17.4% of the
original pool remained outstanding. The cumulative collection
efficiency was 99.3%.

Applicable Criteria available on Fitch's website at
www.fitchratings.com and www.fitchindia.com: 'Global Structured
Finance Rating Criteria', dated 30 September 2009 and 'Criteria
for Structured Finance Loss Severity Ratings', dated 17 February
2009.

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.

Contacts: Jatin Nanaware, Mumbai, +91 22 4000 1761; Deep N
Mukherjee, Mumbai, +91 22 4000 1721.

Media Relations: Shivani Sundralingam, Singapore, Tel: + 65
6796 7215, Email: shivani.sundralingam@fitchratings.com.

Additional information is available at www.fitchratings.com.