TEXT-Fitch ups MMFSL DA Sept 2010 - 1's purchaser payouts


(The following statement was released by the rating agency)

Dec 21 - Fitch Ratings has upgraded MMFSL DA Sept 2010 - 1's (an ABS transaction) purchaser payouts as follows:

INR1,218.1m purchaser payouts upgraded to 'Fitch AA+(SO)(ind)' from 'Fitch AA(SO)(ind); Outlook Stable

The upgrade follows a similar rating action on the provider of the corporate undertaking - Mahindra and Mahindra Financial Services Limited (MMFSL, 'Fitch AA+(ind)'; Outlook Stable). The upgrade also reflects the level of available credit enhancement and the satisfactory performance of the underlying collateral. The underlying portfolio consists of loans extended by MMFSL for the purchase of new tractor loans. As of 27 September 2011, the available credit enhancement totalled INR405.2m, and the outstanding pool balance was INR1,373.2m.

According to the payout report of August 2011, loans delinquent by over 180 days accounted for 0.79% of the original pool receivables and 1.27% of the current pool receivables. The report also showed that 62.2% of the original pool receivables remained outstanding as of August 2011.



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