TEXT-Fitch rates PTCs issued by IRFC Loan Securitisation Trust

(The following statement was released by the ratings agency)

Nov 4 - Fitch Ratings has assigned final ratings of 'F1+(ind)(SO)' to Series 1A, 1B, 2A, 2B, 3A, 3B, 4A, 4B, 5A, 5B, 6A, 6B, 7A, 7B, 8A and 8B Pass Through Certificates (PTCs) issued by an SPV called IRFC Loan Securitisation Trust Series 70. The transaction is a securitisation of receivables from short-term loans maturing on 22 December 2009 and 28 December 2009.

The PTCs' final ratings reflect the credit qualify of the underlying obligor, Indian Railway Finance Corporation Limited [INRYF.UL] (IRFC 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 23 December 2009 and 29 December 2009, respectively, 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 INR15,000m and was extended to IRFC by ICICI Bank. 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, IRFC, for which Fitch maintains a Short-term rating of 'F1+(ind)'.

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

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