The transaction envisages issuance of Planned Amortisation Class (PAC) PTCs supported by companion Series P PTCs. While the PAC schedule builds in some level of prepayments, the PAC PTCs receives stable cashflows, which is achieved by passing excess prepayments to the Series P PTCs. This method of structuring of the PAC PTCs finds favour with the investors in the fixed income market.

The ratings assigned are based on the credit quality of the pool cash flows, ICICI Bank's origination and servicing capabilities, the credit-cum-liquidity enhancement mechanism, structural features where excess interest spread (EIS) is used to charge-off delinquent contracts and the soundness of the legal structure. The credit-cum-liquidity enhancement for the PTCs comprises of subordination of opening overdues, excess interest spread (EIS) and tranche-specific cash collateral (4.37% of the PTC principal).

The pool consists of 24,042 used car loans contracts originated by ICICI Bank. The pool is of a moderate credit quality given its moderate seasoning profile; moderate loan-to-value ratios and geographical diversity.

CRISIL has rated 14 pools of asset backed securitisation transactions originated by ICICI Bank till February 28, 2005. The performance of these pools has been excellent with strong collections and limited usage of credit-cum-liquidity enhancements.

ICICI Bank is the leader in used car financing in the Indian market with Rs. 7.6 billion disbursements during the first nine months of FY 2004-05 (April - December 2004). The bank's strong origination and collection processes coupled with 100 per cent post-dated-cheque-backed financing have enabled it to maintain a strong collection performance and low loss levels.

¹The provisional rating will become valid, upon all required documentation being submitted to CRISIL within 90 days from the date thereof. Subsequently, CRISIL will issue a compliance letter.

The credit opinion is based on the credit quality of the pool cash flows, ICICI Bank's origination and servicing capabilities, the credit-cum-liquidity enhancement mechanism, structural features where excess interest spread (EIS) is used to charge-off delinquent contracts, and the soundness of the legal structure. The credit-cum-liquidity enhancement comprises of subordination of opening overdues, EIS and cash collateral (4.7% of the initial contribution).

The pool consists of 341,308 two-wheeler loans contracts originated by ICICI Bank. The pool is of a moderate credit quality with low seasoning levels and concentration of self-employed individuals in the pool, which is tempered by its strong geographical diversity.

CRISIL has rated 14 pools of asset backed securitisation transactions originated by ICICI Bank till February 28, 2005. The performance of these pools has been excellent with strong collections and limited usage of credit-cum-liquidity enhancements.

ICICI Bank is the leader in two-wheeler financing in the Indian market with a portfolio of Rs.17 billion as of February 2005. The bank's strong origination and collection processes coupled with 100 per cent post-dated-cheque-backed financing have enabled it to maintain a strong collection performance and low loss levels.

² The provisional rating will become valid, upon all required documentation being submitted to CRISIL within 90 days from the date thereof. Subsequently, CRISIL will issue a compliance letter.

CRISIL has assigned highest rating to the Series A PTCs issued under two MBS transactions originated by ICICI Bank. There are two series of contributors in each transaction - Series A and Series P. Series A PTCs have a fixed monthly yield payment, alongwith an exit option, which gives the investment a bullet-bond flavor. Series P contribution is designed to provide interest rate hedge as well as prepayment-protection to the Series A PTCs. While the Series A PTCs of RMBS Trust Series VIII have the exit option at the end of five years, Series A PTCs of Griha Trust Series II have the exit option at the end of three years.

The ratings are based on the strength of the credit quality of the pool cash flows, ICICI Bank's origination and servicing capabilities, the credit-cum-liquidity enhancement mechanism, and the structural features of the transaction as described above. The credit-cum-liquidity enhancement comprises subordination of collections from opening overdues, excess interest spread and cash collateral.

The pools consist of individual residential housing loan mortgages originated by ICICI Bank. The pools are of moderate quality with moderate seasoning levels, and high LTVs. However, this is tempered by the dominance of salaried individuals in the pool, which are perceived to be of better credit quality. While one of the pools has geographical concentration, the other has large loan sizes. These characteristics are factored into the rating.

ICICI Bank is India's second largest scheduled commercial bank with total assets of Rs. 1,252 billion and a network of 522 branches across the country. ICICI Bank is the market leader in the housing finance market, with monthly disbursements of Rs. 17.0 billion currently. ICICI Bank currently has a credit rating of AAA on its long-term debt obligations from CRISIL.

CRISIL has rated 16 pools of housing loans originated by ICICI Bank till February 28, 2005. The performance of these pools has been excellent, with strong collections and minimal delinquencies.

³ The provisional ratings would become valid once the legal documentation pertaining to the transaction is duly executed to the satisfaction of CRISIL. Consequently, CRISIL will issue a compliance letter.

CRISIL has assigned credit opinion equivalent to the highest ratings to the Series A contributions under four MBS transactions originated by ICICI Bank. There are two series of contributors in each transaction - Series A and Series P. Series A contributors have a fixed monthly yield payment, alongwith an exit option at the end of three years, which gives the investment a bullet-bond flavor. Series P contribution is designed to provide interest rate hedge as well as prepayment-protection to the Series A contributors.

The credit opinions are based on the strength of the credit quality of the pool cash flows, ICICI Bank's origination and servicing capabilities, the credit-cum-liquidity enhancement mechanism, and the structural features of the transaction as described above. The credit-cum-liquidity enhancement comprises subordination of collections from opening overdues, excess interest spread and cash collateral.

The pools consist of individual residential housing loan mortgages originated by ICICI Bank. The pools are of moderate quality with moderate seasoning levels and high LTVs. However, this is tempered by the dominance of salaried individuals in the pool, which are perceived to be of higher credit quality. Some of the pools are geographically concentrated; whereas some of them have large ticket sizes. These characteristics are factored into the credit opinion.

ICICI Bank is India's second largest scheduled commercial bank with total assets of Rs. 1,252 billion and a network of 522 branches across the country. ICICI Bank is the market leader in the housing finance market, with monthly disbursements of Rs. 17.0 billion currently. ICICI Bank currently has a credit rating of AAA on its long-term debt obligations from CRISIL.

CRISIL has rated 16 pools of housing loans originated by ICICI Bank till February 28, 2005. The performance of these pools has been excellent, with strong collections and minimal delinquencies.

⁴ The provisional ratings would become valid once the legal documentation pertaining to the transaction is duly executed to the satisfaction of CRISIL. Consequently, CRISIL will issue a compliance letter.