The Hindu Business Line : Crisil downgrades rating

Crisil has downgraded its rating on two securitisation transactions originated by Citicorp Finance (India) Ltd (CFIL) to AA+(so) from AAA (so), while removing the rating from `Rating Watch with Negative Implications'. The two transactions are Fleet Trust May 2005, Series A5 with an issue size of Rs 63.92 crore and Fleet Trust June 2005 with an issue size of Rs 30.9 crore, said a press release from Crisil.

The rating action follows the downgrade in Crisil's rating on the long-term debt instruments of CFIL to `AA+/ Stable' from `AAA/Rating Watch with Negative Implications', as these securitisation deals are backed by a credit-cum-liquidity enhancement in the form of a corporate undertaking from CFIL. For the six months ended September 30, 2008, CFIL reported a profit after tax of Rs 55.4 crore, as against Rs 39.1 crore for the corresponding period of the previous year, Crisil said. - Our Bureau

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