TEXT-Fitch asgns final rtg to PTCs issued by Credit Asset Tr

(The following statement was released by the rating agency)

Sept 8 - Fitch Ratings has assigned a final rating of
'AAA(ind)(SO)' with Stable Outlook to series A1(IO), series
A1(PO), series A2 and series A3 Pass Through Certificates (PTCs),
issued by a SPV called Credit Asset Trust Series XLVII. The
transaction is a securitisation of receivables from a long-term
loan maturing on 20 May 2011.

The final rating of the PTCs reflects the credit quality of
the underlying obligor, IBM India Pvt. Ltd (IBM), the payment
structure of the PTCs and the legal and financial structure of
the transaction. The final rating also addresses the timely
payment of interest and the timely payment of principal by the
final maturity date of 23 May 2011, in accordance with the
transaction documentation.

The SPV purchased the receivables from Hongkong and Shanghai
Banking Corporation (HSBC 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 HSBC the purchase consideration.

The loan aggregates to INR2000m and was extended by HSBC to
IBM. The rating of the PTCs is directly linked to the underlying
obligor, of which Fitch has an issuer rating of 'AAA(ind)' with
Stable Outlook.