TEXT-Fitch assigns final rating to Loan Recvs Sectn Trust PTCs

(The following statement was released by the rating agency)

Aug 8 - Fitch Ratings has assigned a final rating of
'AAA(ind)(SO)' with a Stable Outlook to INR119.0m series A1(IO)
and INR888.2m series A2(PO) of Pass Through Certificates (PTCs),
issued by a SPV called Loan Receivables Securitisation Trust C
2008. The transaction is a securitisation of receivables with a
total cash flow of INR1007.5m from a term loan maturing on 30
July 2009.

The final rating of the PTCs reflects the credit quality of
the underlying obligor - Infrastructure Development Finance
Company Ltd (IDFC 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 31 July
2009 in accordance with the transaction documentation.

The SPV purchased the receivables from JP Morgan Securities
India Private Limited (JPM 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 JPM the purchase consideration.

The loan aggregates to INR1000m and is extended by JPM to
IDFC. The rating of the PTCs is directly linked to the issuer
rating of IDFC, for which Fitch has a rating of 'AAA(ind)' with a
Stable Outlook.

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