Bangkok--10 Oct--TRIS Rating TRIS Rating Co., Ltd. has assigned a “AAA” rating to the proposed up to Bt5,499.9 million debentures (Series 7) with a tenor of 18 years of DAD SPV Co., Ltd. (SPV or Issuer). At the same time, TRIS Rating has affirmed the ratings of SPV’s existing debentures at “AAA”. The ratings reflect the creditworthiness of the Treasury Department (TD or Tenant), which is a department of the Thai government, as the sole tenant of the Bangkok Metropolitan Government Office Center (the Government Office Center). The ratings also address the certainty of the cash flow streams from the lease and service payments from TD and the sufficiency of the cash flows to fulfill all obligations in a timely manner. TRIS Rating reported that SPV is a limited liability company established under the laws of Thailand and was granted special purpose vehicle status by the Securities and Exchange Commission (SEC). The Issuer is 49% owned by Dhanarak Asset Development Co., Ltd. (DAD or Originator), a wholly-owned subsidiary of the Ministry of Finance (MOF). All outstanding and new debentures are parts of the Issuer’s Bt24,000 million 3-year securitization program (2005-2007). The program is structured to receive lease and service payments from TD under a 30-year Building Space Lease Agreement, a 30-year Service Agreement, and a 5-year Furniture Procurement Agreement, collectively referred to as the “Underlying Agreements,” that TD, on behalf of 28 government-related entities (tenants), has engaged with DAD. The purchase price of these rights at Bt40,000 million was financed partly by the proceeds from bonds issued during 2005-2006, while the remaining balance was in the form of a subordinated promissory note (sub P/N), which is ranked lower than the rated debentures. The proceeds from the new series of debentures will be used to redeem a portion of the sub P/N previously issued to DAD. The remaining portion of the sub P/N will serve as a credit enhancement for both new and existing debentureholders. TRIS Rating said, DAD will use the proceeds from this securitization program to fund the construction of the Government Office Center on Chaeng Wattana road, which will be leased to TD for 30 years. The Tenant is not allowed to terminate the lease as long as the debentures issued under this securitization program, or any new debentures issued to replace the existing debentures, have not been fully redeemed.