TEXT-Fitch rts India Commercial Loan Trust Series III 2009 PTCs

(The following statement was released by the rating agency)

Nov 4 - Fitch Ratings has assigned final ratings of 'F1+(ind)(SO)' to Pass Through Certificates (PTCs) issued by an SPV called India Commercial Loan Trust - Series III - 2009. The transaction is a securitisation of receivables from a short-term loan maturing on 16 September 2010.

The PTCs' final ratings reflect the credit quality of the underlying obligor, Petronet LNG Ltd (PLNG.BO: Quote, Profile, Research) (PLL 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 17 September 2010, in accordance with the transaction documentation.

The SPV purchased the receivables from JM Financial Products Private Limited (JMFPPL 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 JMFPPL for the purchase consideration.

The loan aggregates to INR1000m and was extended to PLL by JMFPPL. 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, PLL, 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.