Ltd. Trust 32's (PLC32) 119.7 million rupee lease-backed trust certificates (LBTCs) at 'A-(lka)' with a stable outlook.
A Loss Severity rating of 'LS-3' has been assigned, it said in a statement.
"The affirmation is based on the uninterrupted payouts made to LBTC investors to date," it said.
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"The rating is linked to that of the originator, People's Leasing Company (PLC), as it enjoys full recourse to PLC in the event that cash flows from the underlying assets are inadequate to meet investor payouts."
However, Fitch said that given the strong performance of the pool, such recourse has not been utilised to date.
Fitch said it also takes comfort from the high levels of excess collateral (defined as pool principal in excess of LBTC principal) available to the note holders.
"The rating is, however, constrained by the dependence on PLC for the servicing of the underlying collateral along with the absence of a predefined alternative servicer," Fitch said.
It is also constrained by the unhedged interest rate risk on the floating-rate notes (amounting to 53 percent of total note principal outstand