mumbai crisil has downgraded the commercial vehicle loan receivables originated and serviced by icici bank the ratings have been downgraded by four notches to bbbso from aaso the ratings indicate a moderate degree of certainty regarding timely payment of financial obligations on the instrumentscrisil on friday downgraded its outstanding credit opinions on contribution series a1 rs 8115 cr and ioa2 rs 131 cr issued by indian retail abs irabs trust 51 the series is backed by commercial vehicle loan receivables originated and serviced by icici bank incidentally the rating agency had downgraded the rating of this pool in february this year to aaso which indicates high safety in april crisil had revised its ratings on the series a13 and a14 pass through certificates ptcs issued by indian retail abs irabs trust 84 to aa so from aaa so the ptcs are backed by a pool of new car and personal loan receivables originated and serviced by icici bank the credit collateral stipulated at the time of rating for the pool was rs 682 crore of which around 79 has been utilised delinquencies including repossession losses for the pool were high at 86 and 66 for over 90 days and 180 days respectivelythe pool was securitised in december 2005 according to the rating agency the performance of the pool has been marked by a significantly higherthanexpected utilisation of the cash collateral because collections in the 27 months following securitisation have been considerably lower than expected consequently the credit cover available to the rated contribution series has reduced it also added that the performance of the pool has been marked by a significantly higherthanexpected utilisation of the cash collateral because collections in the 27 months following securitisation have been considerably lower than expected the credit cover available to the rated contribution series has reducedaccording to senior bankers the commercial vehicle pool has been doing quite well for most players the problems of higher delinquencies have been seen for normally first time users or for smaller players delinquencies across the retail segment have also seen a spike up in recent times on the back of stricter guidelines on banks for using collection agents the move had initially started affecting personal loans and have since then affected the two wheeler and the car loan portfolio