Bilt NCDs Get F1 (SO) Rating
SPV to securitise Rs 500 mn NCD issued to UTI Bank
Fitch Ratings India has assigned an in-principle rating of F1 (SO) to the pass through certificates (PTC) to the SPV, which would securitise NCD of Rs 500 mn issued by Ballarpur Industries Ltd. (Bilt) to UTI Bank.
The rating to the SPV-UBL Trust Series 4 reflects the credit quality of the underlying obligor, the payment structure of the PTCs and the proposed legal opinions. The rating of the certificates remains directly linked to the rating of the underlying obligor. The NCD pays interest in quarterly installments till June 2004, when the entire principal amortises in a bullet installment.
