The Hindu Business Line : Kotak Bank's PTCs get A1+ rating

ICRA has assigned conditional ratings of A1+(SO), indicating the highest safety, to the Rs 25-crore (principal value of underlying loan) senior pass through certificates (PTCs) issued under the loan securitisation programme originated by Kotak Mahindra Bank Ltd (KMBL).

The PTCs are backed by receivables from the identified loan disbursed by KMBL to Sundaram Home Finance Ltd (SHFL) and the ratings reflect the credit quality of the underlying asset, the payment mechanism designed to ensure timely payment and the integrity of the legal structure. The ratings are conditional under the structure and review of documentation pertaining to the transaction by ICRA, a statement by the rating agency here said.

. ICRA has retained the long, medium and short-term ratings at LAAA, MAAA and A1+, respectively, for the various debt programmes of Tata Tea Ltd (TTL). All these ratings indicate the highest safety.

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