Bangkok--8 Oct--Fitch Ratings
Fitch Ratings (Thailand) Limited has today said, in a performance report on SICCO Special Purpose Vehicle 2 Company Limited (SICCO 2), that the performance of the portfolio has improved since early 2010. The transaction is the second securitisation transaction of auto hire purchase receivables originated by Siam Industrial Credit Public Company Limited (SICCO).
“Increased credit enhancement, as well as the portfolio’s high seasoning and satisfactory performance have resulted in the rating affirmation at ‘AAA(tha)’ and the revision of the debentures’ Rating Outlook to Stable. Meanwhile, a possible change in SICCO’s major shareholder is not expected to result in any material changes in its operations and servicing capacities in the near term,” says Orawan Karoonkornsakul, Senior Director in Fitch Thailand’s Structured Finance team.