Fitch Rates Series C PTCs to be issued by CLSS XXXIII Trust 2006

Fitch Ratings has assigned an expected rating of 'F1+(ind)(SO)' to Series C Pass Through Certificates (PTCs), to be issued by an SPV called Corporate Loan Securitisation Series XXXIII Trust 2006. The transaction is a securitisation of receivables from a term loan maturing on 30 June 2010.

The PTCs' expected rating reflects the credit quality of the underlying obligor, Shriram Transport Finance Co. Ltd. (STFCL or "the obligor"), the payment structure of the PTCs and the legal and financial structure of the transaction. The expected rating addresses the timely payment of interest and the timely payment of principal by the final maturity date of 1 July 2010, in accordance with the transaction documentation.

The SPV purchased the receivables from Kotak Mahindra Prime Limited (KMPL or "the originator" or "the seller") in trust for the benefit of the PTC investors. The SPV proposes to issue Series C PTCs, for a total consideration equivalent to the value of the discounted cash flows from the loan, which will be utilised for the repayment of Series B PTCs issued earlier.

The loan aggregates to INR1,650m and is extended by KMPL to STFCL. The ratings of the PTCs are directly linked to the rating of the underlying obligor, STFCL, for which Fitch maintains a Short-term rating of 'F1+(ind)'.

The final rating is contingent upon receipt of final documents conforming to information already received.

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

Note to editors: Fitch's National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. The best risk within a country is rated 'AAA' and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as 'AAA(ind)' for National ratings in India. Specific letter grades are not therefore internationally comparable.

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