JCR-VIS Credit Rating Company Ltd (JCR-VIS) has assigned final medium to long-term rating of 'BBB-' (Triple B Minus) to the ABS Certificates issued by Development Securitization Trust, a special purpose vehicle (SPV) formed under the Asset Backed Securitization Rules 1999.
The ABS Certificates are securitized against future flow receivables from the construction of six towers of the Creek Vistas project being undertaken by Associated Constructors (ACL).
The originator is under a contract for collateralization of securitized future receivables to the debt servicing requirements of DST, setting up of a reserve fund equivalent to one month's instalment amount and the inherent strength of ACL, which is currently rated BBB-/A-3 by JCR-VIS.
The tenor of the securitized loan will be 30 months with 9 principal and interest repayments at the end of each quarter with initial three months grace period.
Comments
Comments are closed.