India Ratings affirms ratings on securitisation notes originated by SBFC Finance
- Credit rating
- Financial Services
SBFC Finance Limited has told the exchanges that India Ratings and Research Private Limited has affirmed the ratings on pass-through certificates issued by Prime Trust LAP Aug 22, a special purpose vehicle in an asset-backed securitisation transaction originated by SBFC. The company received the rating letter on 14 Oct 2026 and made the disclosure the same day.
The two series of securitisation notes were affirmed at the following ratings: Series A1 at IND AA(SO)/Stable and Series A2 at IND BBB-(SO)/Stable. The “SO” marker shows the rating relates to a structured obligation and rests on the underlying assets and the structure of the transaction, not on SBFC’s own credit.
Inference
An affirmation means the agency has reviewed the transaction and left the ratings unchanged, so the two series keep their earlier ratings. The senior series is rated much higher than the junior one, as is usual in such structures.
The notes are claims on the trust’s assets rather than on SBFC Finance itself. The filing does not give the size of the notes or the performance of the underlying pool, which the agency’s press release attached to it may cover.
Reference: Original filing (PDF)
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