Icra assigns MAAA rating to Rs 132.69 crore Senior Pass Through Certificates backed by HP receivable originated by Telco. The rating is based on the true sale of the identified HP contracts to the SPV, the strength of cash flows from the selected pool of HP contracts, the credit enhancement mechanism designed to ensure full and timely payment and the integrity of the legal structure. The credit enhancement along with the payment mechanism ensure that the expected loss on the senior PTCs is comparable to that on instruments for similar average maturity rated MAAA by Icra.