Fitch assigns rtgs to PTCs issued by RB Loan Trust Sr 25
Fitch Ratings has assigned a final rating of ‘F1+(ind)(SO)’ to the series A Pass Through Certificates (PTCs) issued by a SPV called RB Loan Trust Series 25. This transaction is the securitisation of receivables from a term loan of 12 months, maturing on 16 July 2009. The final rating of the PTCs reflects the credit quality of the underlying obligor – NIIT Limited (NIIT 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 17 July 2009 in accordance with the transaction documentation.
The SPV purchased the receivables from Standard Chartered Bank (SCB or “the originator” or “the seller”) in trust and for the benefit of the 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 SCB the purchase consideration.
The loan aggregates to INR600m and is extended by SCB to NIIT. The rating of the PTCs is directly linked to the rating of NIIT, for which Fitch has a short-term rating of ‘F1+(ind)’.
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