OREANDA-NEWS. Fitch Ratings has assigned an expected rating to pass-through certificates (PTCs) from Platinum Trust August 2016. The issuance consists of notes backed by commercial-vehicle and tractor loans originated by Cholamandalam Investment and Finance Company Limited (CIFCL), which also acts as the servicer for the transaction. The ratings are as follows:

Platinum Trust August 2016 INR2.5bn Series A notes due January 2021: 'BBB-(EXP)sf'; Stable Outlook

The rating and Outlook reflect adequate external credit enhancement (CE) of 12.75% of the initial principal balance, and CIFClL's origination practices, servicing experience and expertise in collection and recovery of commercial-vehicle and tractor loans in India. The transaction is supported by a sound legal and financial structure.

The rating addresses timely payment of interest and principal in accordance with the payout schedules in the transaction documents. The scheduled payouts will be net of distribution taxes on the income distributed by the trust to the PTC holders. The final rating is contingent upon the receipt of final documents conforming to information already received.