Pass Through Certificates/Structured Finance
CRISIL’s ratings on PTCs indicates the relative degree of risk associated with timely servicing of financial obligations on the PTCs, as per the terms of the securitisation transaction. The ratings reflect the sufficiency or not of credit enhancement to cover shortfalls in pool collections compared with scheduled investor
payouts for a specific credit rating. The ratings on PTCs carry the suffix '(SO)' to indicate that the instruments have a structured obligation.
CRISIL rates PTCs issued by a wide range of entities such as:
- Non-banking financial companies (NBFCs)
- Infrastructure entities
- Microfinance institutions
- Urban local bodies