Rationale

ICRA has assigned a rating of Provisional [ICRA]AA(SO) [pronounced provisional ICRA double A structured obligation] to Assignee Payouts under a securitisation transaction, IBHFL PCG Sep-19, originated by Indiabulls Housing Finance Limited (IBHFL). The Assignee Payouts are backed by receivables from a Rs. 450.00 crore pool of Housing Loan (HL) contracts. The provisional rating is based on the strength of cash flows from the selected pool of contracts, IBHFL's track record in the Mortgage loan business, the available credit enhancement in the form of credit collateral and subordination of Excess Interest Spread (EIS), and the integrity of the legal structure. The ratings are subject to fulfilment of all conditions under the structure and the review of documentation pertaining to the transaction by ICRA.