TEXT-Fitch rates PTCs issd by Indian Corp Loan Sectn Tr

(The following statement was released by the rating agency)

Aug 8 - Fitch Ratings has assigned a final rating of
'F1+(ind)(SO)' to series A Pass Through Certificates (PTCs),
issued by an SPV called Indian Corporate Loan Securitisation
Trust 2008 IIA. The transaction is a securitisation of
receivables with a total cash flow of INR549.5m from a term loan.

The final rating of the PTCs reflects the credit quality of
the underlying obligor - Patel Engineering Limited (PEL or "the
obligor"), the payment structure of the PTCs and the legal and
financial structure of the transaction. The final rating
addresses the timely payment of interest and the timely payment
of principal by the final maturity date of 16 April 2009 in
accordance with the transaction documentation.

The SPV purchased the receivables from Yes Bank Limited (YBL
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 YBL the
purchase consideration.

The loan aggregates to INR500m and is extended by YBL to PEL.
The internal credit view that Fitch has formed on the short-term
debt of PEL is sufficient to assign a final rating of
'F1+(ind)(SO)' to the PTCs.

A new issue report for this transaction will be available
shortly on Fitch's website, www.fitchindia.com.