Fitch Rates Series C PTCs to be issued by CLSS XXXVII Trust 2006

Fitch Ratings has assigned an expected rating of
'F1+(ind)(SO)' to Series C Pass Through Certificates
(PTCs), to be issued by an SPV called Corporate
Loan Securitisation Series XXXVII Trust 2006.
The transaction is a securitisation of receivables
from a term loan maturing on 22 September 2010.


The PTCs' expected rating reflects the credit quality
of the underlying obligor, Shriram Transport Finance Co. Ltd.
(STFCL or "the obligor"), the payment structure of the PTCs
and the legal and financial structure of the transaction.

The expected rating addresses the timely payments of
interest and of principal by the final maturity date
of 23 September 2010, in accordance with the transaction documentation.

The SPV purchased the receivables from Kotak Mahindra
Prime Limited (KMPL or "the originator" or "the seller")
in trust for the benefit of the PTC investors.

The SPV proposes to issue Series C PTCs for a
total consideration equivalent to the value of
the discounted cash flows from the loan, which
will be utilised for the repayment of Series
B PTCs issued earlier.

The loan aggregates to INR750m and is extended by
KMPL to STFCL. The rating of the PTCs is directly
linked to the rating of the underlying obligor,
STFCL, for which Fitch maintains a Short-term
rating of 'F1+(ind)'.

The final rating is contingent upon receipt of
final documents conforming to information already received.

A presale report for this transaction will be
available shortly on Fitch's website, www.fitchindia.com.

Note to editors: Fitch's National ratings provide
a relative measure of creditworthiness for rated
entities in countries with relatively low international
sovereign ratings and where there is demand for such
ratings. The best risk within a country is rated 'AAA'
and other credits are rated only relative to this risk.

National ratings are designed for use mainly by local
investors in local markets and are signified by the
addition of an identifier for the country concerned,
such as 'AAA(ind)' for National ratings in India.

Specific letter grades are not therefore
internationally comparable.

Fitch Ratings currently maintains coverage
of approximately 6,000 financial institutions,
including over 3,200 banks and 2,200 insurance
companies. Finance & leasing companies,
broker-dealers, asset managers, managed funds,
and covered bonds make up the remainder of Fitch Ratings’
financial institution coverage universe.

Fitch India has Five rating offices located at Mumbai,
Delhi, Chennai, Kolkata and Bangalore. Fitch is recognised
by Reserve Bank of India, Securities Exchange Board of India
(SEBI) and National Housing Bank.