TEXT-Fitch ups DA Program-Sept09-3's SLCF

(The following statement was released by the rating agency)

Sept 28- Fitch Ratings has upgraded DA Program-Sept09-3's (an ABS transaction) second loss credit facility (SLCF) and affirmed its purchaser payouts as follows:

INR167.4m SLCF: upgraded to 'Fitch AAA(SO)(ind)' from 'Fitch BBB(SO)(ind)'; Outlook Stable

INR503.8m purchaser payouts: affirmed at 'Fitch AAA(SO)(ind)'; Outlook Stable

The upgrade of the SLCF reflects the low 90 days past due delinquencies and the amortisation of the pool, leading to adequate credit enhancement cover commensurate with the new rating level. The affirmation of purchaser payout is based on the adequate available credit enhancement and the performance of the underlying collateral, which consists of loans extended by Shriram Transport Finance Company Limited ('Fitch AA(ind)'/Outlook Stable) for the purchase of new and used commercial vehicles. As of 20 August 2011, the available credit enhancement totalled INR340.3m, and the outstanding pool balance was INR449.2m.