Financial Daily from THE HINDU group of publications
Saturday, Sep 06, 2003
Financial Daily from THE HINDU group of publications Saturday, Sep 06, 2003 |
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Money & Banking
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Credit Rating `AAA (SO)' for ICICI Bank ST loan receivables Our Bureau
Mumbai , Sept. 5 CRISIL has assigned `AAA(SO)' rating to the Rs 244.8- crore pass through certificates issued under the securitisation of sales tax loans receivables of ICICI Bank. The securitised receivables are sales tax dues to the Government of Maharashtra from Bajaj Auto Ltd. The rating indicates the highest degree of certainty regarding timely discharge of payment obligations on the rated instrument, said Crisil in a press release. The rating is based on the credit quality of the receivables, which reflects the credit risk of Bajaj Auto. Bajaj Auto currently has a rating of `FAAA' for its fixed deposit programme. The Government of Maharashtra has assigned the sales tax receivables from Bajaj Auto to ICICI Bank. The bank proposes to settle a trust, to which it shall further assign the receivables for the purpose of securitising the same, said the release.
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