ICICI Bank (ICBK.BO, Rs673.25, NEUTRAL [V], TP Rs673.00)ICRA downgrades car loan pools: Asset quality concerns continue says Credit Suisse· ICRA has downgraded five auto loan securitisation pools originated by ICICI Bank – both used and new cars; this follows downgrades earlier this year by CRISIL for auto/CV/personal loan pools.· An analysis of 29 ICRA-rated ICICI Bank new car pools demonstrates that 1) both 90 and 180-day delinquencies for pools of recent vintage are significantly higher than those of older pools (please see Figure 2) 2) delinquency levels for individual pools continue to rise over the quarters (data until March-08).· The continuing downgrades and pool performance data reflect that delinquencies across retail lending segments remain higher than expected for ICICI Bank, and are a cause for concern.· This also implies that ICICI would have to put up higher collateral levels to attain AAA ratings for new securitisation transactions – this would increase capital requirement and affect the economics.· Deteriorating credit quality continued to show in 1QFY3/09 when delinquency rose sharply, and net NPLs rose 30bp QoQ despite rising loan provisioning – we remain concerned on asset quality.Safe Harbor Statement:Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints.Nothing in this article is, or should be construed as, investment advice. __._,_.___ *****************************************http://in.groups.yahoo.com/group/investwise/INVESTMENTS IN INDIAWe are low-risk, long-term investors.Stocks, mutual funds and the entire investment gamut. Only financing/investment avenues in India will be discussed.For any assistance, questions or improvement ideas, contact [EMAIL PROTECTED] ==== Check our LINKS and FILES sections for a world of information. REGULARLY UPDATED.NEW! ==== Check "Tracklist" in Links and Files sections for Investment Ideas.****************************************************************Your email settings: Individual EmailTraditionalChange settings via the Web (Yahoo! ID required)Change settings via email: Switch delivery to Daily Digest Switch to Fully FeaturedVisit Your Group Yahoo! Groups Terms of Use Unsubscribe __,_._,___
-- Posted By Ronald Chisley to Investor Forums at 8/18/2008 09:11:00 PM --~--~---------~--~----~------------~-------~--~----~ Logon at – http://investorline.co.in/blogs/news Learning Center- http://investorline.co.in/blogs/learning Mutual funds - http://investorline.co.in/blogs/mutualfunds Life Insurance - http://investorline.co.in/blogs/lifeinsurance Investor Journal - http://investorline.co.in/blogs/investor Latest News - http://investorline.co.in/blogger/?q=aggregator/categories/ Create your own Forum & Blog at - http://investorline.co.in/blogger To post to this group, send email to [email protected] Visit this group at-http://groups.google.com/group/investor-forums?hl=en -~----------~----~----~----~------~----~------~--~---
