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ICICI Banks securitised loan pool downgraded

CRISIL downgrades ICICI Bank's securitised commercial vehicle loan pool

Apnaloan.com Research Bureau

17 May 2008

CRISIL has further downgraded ICICI Bank's securitised commercial vehicle loan pool worth over Rs. 82 crore due to a drop in collections from repayments. The rating has been revised from "AA- (so)" to "BBB+ (so)."

This is the second instance of downgrade for ICICI Bank in a span of 30 days. Last month, the private sector bank's securitised car and personal loan pool worth over Rs. 203 crore was revised downward from "AAA (so)" to "AA (so)" due to rising defaults on payments by borrowers.

As reported by Business Standard, CRISIL said the performance of the pool has been marked by a higher-than-expected use of cash collateral. The cash collateral is an arrangement (cushion) for making payments to those who have invested in securitised paper when the collections for borrowers show a decline.

The revised credit opinions indicate a moderate degree of certainty regarding timely payment of financial obligations on the instruments. The securitised paper is backed by commercial vehicle loan receivables originated and serviced by ICICI Bank.