CARE AAA (SO) to Magma Shrachi's CV loan receivables
CARE has assigned a provisional credit opinion equivalent to CARE AAA (SO) rating to the proposed assignment of retail loan receivables originated by Magma Shrachi Finance Ltd.
By INDIATIMES NEWS NETWORK |
MUMBAI: CARE has assigned a provisional credit opinion equivalent to CARE AAA (SO) rating to the proposed assignment of retail loan receivables originated by Magma Shrachi Finance Ltd.
Instruments with this rating are considered to be of the best credit quality, offering highest safety for timely servicing of debt obligations.
The credit opinion is a provisional credit opinion of the Rs 33.50 crore (future receivables Rs 44.31 crore) assignment.
Under this transaction, SBI Commercial and International Bank Ltd. will purchase a pool of new CV loan receivables originated by Magma Shrachi.
The originator will be providing the credit enhancement and the liquidity facility to the transaction. Magma Shrachi will be the collection agent to the transaction.
The underlying pool comprises of loans originated by Magma Shrachi and consists of 485 new commercial vehicle loans.
Magma Shrachi Finance is a non-banking finance company with 155 branches spread across 20 states. The company is mainly into leasing & hire purchase financing of passenger cars, two wheelers, multi-utility vehicles, commercial vehicles & construction equipment and has recently entered into tractor financing business.
Today on the BSE, Magma Shrachi shares traded at Rs 285, up 6.5 per cent from Thursday’s close.
Instruments with this rating are considered to be of the best credit quality, offering highest safety for timely servicing of debt obligations.
The credit opinion is a provisional credit opinion of the Rs 33.50 crore (future receivables Rs 44.31 crore) assignment.
Under this transaction, SBI Commercial and International Bank Ltd. will purchase a pool of new CV loan receivables originated by Magma Shrachi.
The originator will be providing the credit enhancement and the liquidity facility to the transaction. Magma Shrachi will be the collection agent to the transaction.
The underlying pool comprises of loans originated by Magma Shrachi and consists of 485 new commercial vehicle loans.
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Magma Shrachi Finance is a non-banking finance company with 155 branches spread across 20 states. The company is mainly into leasing & hire purchase financing of passenger cars, two wheelers, multi-utility vehicles, commercial vehicles & construction equipment and has recently entered into tractor financing business.
Today on the BSE, Magma Shrachi shares traded at Rs 285, up 6.5 per cent from Thursday’s close.
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