Infomerics assigns ratings on retail securitisation transactions either in the form of pass through certificates (PTC) or direct assignments (DA). Typically, the originator in such transactions is an NBFC or HFC which lends to retail or SME borrowers. The pools sold to the investor or to the bank are analysed to model the likely losses and arrive at the credit enhancement necessary for a specific rating level in case of PTC transactions. For DA assignments, a loss estimate report is prepared for the banker. These outstanding ratings have credit enhancement which typically has been achieved over and above the stand alone credit quality through various structured payment mechanisms. These ratings have been assigned both in the corporate and the financial sector. The mechanisms involve escrow arrangement, debt service reserve account (DSRA), sinking fund account (SFA) for principal repayment build-up among others.