The credit opinion is based on the credit quality of the pool cash flows, Tata Motors Finance's origination and servicing capabilities, the credit-cum-liquidity enhancement and payment mechanism and the sound legal structure of the transaction. The pool also receives support from opening overdues subordinated to the acquirer's payouts.

CRISIL has outstanding ratings on more than 70 pools originated by Tata Motors Finance and its owner, Indian passenger cars maker Tata Motors Ltd (BOM: 500570). The pools rated from 2006 onwards have performed weakly, with higher delinquencies compared with the earlier vintages; CRISIL believes that this is a result of the deterioration in the underwriting and collection processes. CRISIL rated more than 25 pools of the companies in 2008.

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The ratings on the company's debt programmes continue to be centrally based on CRISIL's ratings on its owner, Indian passenger cars maker Tata Motors Ltd (BOM: 500570, rated A/"stable"/P1 by CRISIL), and factor in the strategic importance of Tata Motors Finance to Tata Motors, the latter's majority ownership of Tata Motors Finance, and the support that it provides to the company.

CRISIL's rating outlook on Tata Motors Finance debt and bank facilities is closely linked to its rating outlook on Tata Motors. The agency believes that Tata Motors Finance will remain strategically important to its owner, and will continue to benefit from capital and management support. Changes in the outlook or ratings on Tata Motors may lead to a similar change in the outlook or ratings on the subsidiary.

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The Prima 4028 S tractor is priced at INR2.1 million, and that with the trailer is priced at INR3.1 million.

The 4028 S tractor-trailer is expected to be followed during the course of the financial year with three other products two 49-ton tractor-trailers and a 31-ton tipper in key segments and routes.

The Prima range comprises of approximately 10 variants of multi-axle trucks, tractor-trailers, tippers, mixers and special application vehicles. The company said that the range has been jointly developed by Tata Motors and its two subsidiaries, Tata Daewoo Commercial Vehicle Company in South Korea and the Tata Motors European Technical Centre in the UK.

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