Bangkok--12 Sep--Fitch Ratings
Fitch Ratings (Thailand) has today affirmed the National ‘A+(tha)’ rating of the THB650 million no.1/2004 Series 1 debentures (“the notes”) issued by Auto Receivables SPV Company Limited (“the issuer”) in August 2004. The rating affirmation was the result of the satisfactory performance of the underlying receivables compared to Fitch’s base case assumptions for the portfolio.
This transaction is a securitisation of Thai auto hire purchase receivables originated by Scandinavian Leasing Public Company Limited, a subsidiary of SMC Motors Public Company Limited. The notes are backed by a pool of auto hire purchase receivables under an assignment of rights to receive cash flows. The transaction has no revolving period and started amortising from closing on a quarterly basis. The Series 1 notes have a fixed amortising schedule with a maturity of 2.5 years, scheduled to be paid off in January 2007. The Series 2 notes, which involve a pass-through payment structure with legal final maturity in August 2008, were paid off in January 2006 due to high excess collections since the closing date. As of July 2006, the outstanding amount of the notes was THB104m, while the portfolio backing the notes had a remaining balance, including cash in reserve accounts, of approximately THB306.9m, representing 66% subordination.
The issuer, a special purpose company with limited liability established under Thai law, was granted special purpose vehicle status under the Securitisation Act. The purchased assets’ value was approximately THB1.0 billion as of the cut-off date on 30 June 2004. The receivables continue to be serviced by SCAN, and Kasikornbank Public Company Limited is a back-up servicer for this transaction.
A performance report on Auto Receivables SPV Company Limited is available at: www.fitchratings.com and www.fitchratingsasia.com
Contacts: Napachak Phasukavanich, Orawan Karoonkornsakul, Vincent Milton, +662 655 4755.
Note to Editors: Fitch’s National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. The best risk within a country is rated ‘AAA’ and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as ‘AAA(tha)’ for National ratings in Thailand. Specific letter grades are not therefore internationally comparable.
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