TEXT-Fitch affirms SREI - DA Dec 10-I and SREI - DA Dec 10-II

Mon Sep 10, 2012 3:52am EDT

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(The following statement was released by the rating agency)

Sept 10 - Fitch Ratings has affirmed SREI - Direct Assignment Dec 10-I and SREI - Direct Assignment Dec 10-II as follows:

SREI - Direct Assignment Dec 10-I

INR345.8m purchaser payouts affirmed at 'Fitch AAA(SO)(ind)'; Outlook Stable

SREI - Direct Assignment Dec 10-II

INR757.9m purchaser payouts affirmed at 'Fitch AAA(SO)(ind)'; Outlook Stable

Both of these ABS transactions are backed by pools of construction equipment loans originated by SREI Equipment Finance Private Limited ('Fitch AA-(ind)'/Outlook Negative).

The affirmations reflect the adequate available credit enhancement levels, together with the credit quality and performance of the loans in the current collateral pool which remain in line with Fitch's expectations.

For SREI - Direct Assignment Dec 10-I, the available credit enhancement totalled INR156.6m, and the outstanding pool balance was INR356.3m, as of 17 July 2012. According to the latest payout report, loans delinquent by over 90 days accounted for 1.6% of the original pool principal and 4.5% of the current pool principal outstanding. The transaction has amortised since closing, with 35.6% of the original pool balance remaining outstanding as of June 2012.

For SREI - Direct Assignment Dec 10-II, the available credit enhancement totalled INR332m, and the outstanding pool balance was INR779.9m, as of 17 July 2012. According to the latest payout report, loans delinquent by over 90 days accounted for 2% of the original pool principal and 5.14% of the current pool principal outstanding. The transaction has amortised since closing, with 39% of the original pool balance remaining outstanding as of June 2012.

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