Fitch affirms AAA rating to PTCs of HDFC Bank

New Delhi, May 9: Credit rating agency Fitch has affirmed the 'AAA (ind) (SO)' ratings on the Class A1, A2, A3 and P pass through certificates (PTC) issued by a special purpose vehicle (SPV) called Retail Trust 2004 Series III under the consumer auto loan securitisation programme of HDFC Bank Ltd.

The affirmation follows a review of the collateral performance on this transaction and is based on the cash reserve utilisation of the transaction, the credit strength of the underlying pool and HDFC Bank's strong origination, servicing, collection and recovery expertise.

The rating reflects the credit quality of the underlying assets, the origination and servicing capabilities of HDFC Bank Ltd, the financial and legal structure of the issuance and the available credit enhancement from HDFC Bank and the excess spread available to protect senior investors.

UNI