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:

  • Banks
  • Non-banking financial companies (NBFCs)
  • Infrastructure entities
  • Microfinance institutions
  • Urban local bodies


CRISIL’s criteria and framework seeks to ensure that the ratings assigned factor in all the key risks that investors are exposed to in these transactions, and specifically captures the nuances of the underlying asset class.


CRISIL enjoys leadership position in the Indian securitisation ratings market and has the experience of assessing securitisation transactions since 1992. It has evaluated over 150 originators, with a strong understanding of over 15 asset classes across economic cycles. This is supported by a strong track record of having a high one-year stability rate of 98.2% [SS1] for transactions rated AAA (SO) by CRISIL between 1992 and 2013. CRISIL is the first rating agency in India to assign ratings on asset-backed securities in 1991 and mortgage-backed securities in 2000.

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