Bangkok--23 Dec--Fitch Ratings
Link to Fitch Ratings' Report: Siam Panich SPV 1 Company Limited
Fitch Ratings-Bangkok/Hong Kong/Singapore-22 December 2010: Fitch Ratings (Thailand) Limited has today said, in a performance report on Siam Panich SPV 1 Company Limited (Siam Panich SPV), that its portfolio performance has improved since late-2008. The transaction is a securitisation transaction of auto hire purchase receivables originated by Siam Commercial Leasing Public Company Limited (SCBL; 'A+(tha)'/Stable/'F1+(tha)').
Stable credit enhancement, as well as the portfolio's high seasoning and satisfactory performance have resulted in Siam Panich SPV's affirmation at 'AAA(tha)' with a Stable Outlook on 17 December 2010. Also, Fitch views SCBL's servicing capability as relatively strong.