February, 24 2016
CRISIL reaffirms credit opinions on instruments under a securitisation transaction backed by residential housing loan receivables originated by ICICI Bank Limited

Transaction Details Amount Rated(Rs. Mn) Outstanding Amount Rated(Rs. Mn)* Original Tenure (Months)# Credit Opinions Credit support (Rs. Mn) Credit support post reset (Rs. Mn)$
Aawas Trust Series VI Series A2 PTCs 1200.0 74.2 111 CRISIL AAA (SO) Equivalent [Reaffirmed] 525.7 304.9
Series A3 PTCs 246.0 246.0 131 CRISIL AAA (SO) Equivalent [Reaffirmed]
Series B PTCs N.A. N.A. N.A. CRISIL AAA (SO) Equivalent [Reaffirmed]
Second loss facility 329.0 171.9^ 131 CRISIL AAA (SO) Equivalent [Reaffirmed] 196.7 133.0

*As of December 2015 payouts
#Indicates expected door-to-door tenure; actual tenure will depend on the level of prepayments in the pool and the extent of shortfalls
$Additionally, Rs.43.9 million in the form of cash advance facility provide liquidity support to the PTCs
^Post reset, the second loss facility stands at 171.9 million

CRISIL has reaffirmed its credit opinions on instruments under the transaction ‘Aawas Trust Series VI’. The underlying receivables arise from a pool of mortgage backed residential housing loans originated by ICICI Bank Limited (ICICI; rated ‘CRISIL AAA/Stable’).

The cash collateral in the transaction has been reset. The cash collateral, post reset, is sufficient to reaffirm the credit opinions on the instruments in the transaction. CRISIL has relied on the information available in the monthly servicer reports and has ensured its conformity to the RBI reset guidelines.

The performance of the pool is in line with CRISIL’s expectations. The pool has significantly amortised and has exhibited healthy collection performance and low delinquencies.

Pool Performance Summary (as of December 2015 payouts)

Parameters Details
Months Post Securitisation 123
Principal Amortisation 90.7%
Cumulative Collection Ratio (%) 99.1%
3-Month Average Collection Ratio 99.4%
Cumulative Prepayments 63.8%
90+ Delinquency# 1.5%
180+ Delinquency^ 1.4%
Credit collateral utilisation 0.0%
Credit collateral as percentage of Future Principal Fully covered
First loss facility as percentage of Future Principal 61.4%
Threshold Collection Ratio (TCR)% 1.6%

#90+ delinquency = (Overdues + principal outstanding of contracts overdue for more than 90 days + repossession losses) ÷ Initial pool principal
^180+ delinquency = (Overdues + principal outstanding of contracts overdue for more than 180 days + repossession losses) ÷ Initial pool principal
%Threshold collection ratio (TCR) = the minimum cumulative collection ratio (cumulative collections/cumulative billings) required on a pool’s future cash flows, to be able to service the PTC payouts on time

About the Originator
Promoted by the erstwhile ICICI Ltd, ICICI Bank was incorporated in 1994. In 2002, ICICI Ltd was merged with ICICI Bank. ICICI Bank is India's largest private sector bank, with an asset base of Rs.7.0 trillion as on December 31, 2015 (Rs.6.2 trillion as on December 31, 2014). ICICI Bank has a network of 4,156 branches and 13,372 ATMs as on December 31, 2015. ICICI Bank reported a standalone profit after tax (PAT) of Rs.30.18 billion for the quarter ended December 31, 2015, against a PAT of Rs.28.89 billion for the quarter ended December 31, 2014.

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February, 24 2016