Fitch assigns highest credit rating to PTCs of HSBC
Global rating agency, Fitch, on Tuesday assigned an expected National Short term rating of 'F1+(ind)(SO)' indicating the highest credit quality to the pass through certificates (PTCs) to be issued by HSBC.
By PTI |
NEW DELHI: Global rating agency, Fitch, on Tuesday assigned an expected National Short term rating of 'F1+(ind)(SO)' indicating the highest credit quality to the pass through certificates (PTCs) to be issued by HSBC.
It is raised via a special purpose vehicle, Credit Asset Trust Series III. The transaction represents the securitisation of receivables from a one-year loan, the rating agency said in a release.
The loan aggregates to Rs 225 crore and is extended by HSBC to Hutchison Essar South Ltd and guaranteed by Hutchison Essar Ltd, Hutchison Essar Mobile Services Ltd, Fascel Ltd, Hutchison Telecom East Ltd and Aircel Digilink Ltd, it said.
HSBC proposes to assign the same loan and the underlying receivables to the SPV, it said.
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