New Delhi, Oct 11: ICICI Bank's asset-backed securities (ABS) worth Rs 835 crore on Thursday obtained highest safety ratings from Icra. The securitised pool of assets, mainly consisting of car loans, obtained the highest ratings on account of ICICI Bank's cash flows, available credit enhancement and integrity of the legal structure, Icra said in a release.
The Rs 835 crore issue consists of four rated series, of which Series-A issue worth Rs 266.50 crore obtained structured obligation "A1+ (SO)" rating, while Series-B assets worth Rs 247.8 crore got "MAAA (SO)", Series-C assets worth Rs 111.2 crore got "LAAA (SO)" and Series-D assets worth Rs 198.1 crore got "LAAA (SO)" ratings.
"ICICI Bank is the second largest commercial bank and the largest originator of car loans with a portfolio of Rs 5,313 crore. At monthly disbursement of Rs 475 crore currently, ICICI Bank commands an approximately 24 per cent of the car finance market," Icra said.
Bureau Report