Mumbai
|
^As of January 2014 payouts
#Indicates door-to-door tenure, between date of placement and final maturity; actual tenure will depend on the level of prepayments in the pool and the extent of shortfalls ßSeries A1 PTCs are entitled to receive interest on fortnightly basis. There is an expected schedule for principal repayments for Series A1 PTCs; however, the structure allows for principal payments to be made by maturity date of the PTCs (ultimate payment structure). &Series A1 PTCs and Series A2 PTCs are entitled to receive interest on monthly basis. There is an expected schedule for principal repayments for both PTCs; however, the structure allows for principal payments to be made by maturity date of the PTCs (ultimate payment structure). *Additionally, Rs.4.8 Million in the form of subordination of cash flows, expected to be collected over and above the scheduled payouts promised to the Series A2 PTCs, also provides credit support to the same. $Additionally, Rs.21.7 Million in the form of subordination of cash flows, expected to be collected over and above the scheduled payouts promised to the Series A2 PTCs, also provides credit support to the same. CRISIL has upgraded its ratings on pass-through certificates (PTCs) under two securitisation transactions backed by microfinance loan receivables originated by Grameen Financial Services Pvt Ltd (GFSPL). The rating on Series A2 PTCs issued under ‘Ponos IFMR Capital 2012’ has been upgraded to ‘CRISIL AA- (SO)’ from ‘CRISIL A- (SO)’. The rating on Series A2 PTCs issued under ‘Ponoos IFMR Capital 2012’ has been upgraded to ‘CRISIL AAA (SO)’ from ‘CRISIL A+ (SO)’. Further, the rating assigned to Series A1 PTCs under both the transactions has been withdrawn as all the payouts pertaining to the instrument have been made in full. The upgrades in the ratings under these transactions have been driven by the strong collection performance of the pools (refer to performance summary) resulting in zero utilisation of the cash collateral, which has led to an increase in the cover provided to the PTCs. The future payouts to Series A2 PTCs under both transactions are fully covered by the outstanding cash collateral. Pool Performance Summary (Data as of January 2014 payouts)
§CCR = {Total collections in the pool/(total billings + opening overdues at the time of securitisation)}
^^Total overdues = (Total overdues in the pool expressed as a percentage of initial pool principal)
About the Originator | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Note: This rating rationale transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating rationale may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL. However, CRISIL alone has the sole right of distribution of its rationales for consideration or otherwise through any media including websites, portals etc. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|