Bangkok--19 Feb--Fitch Ratings Fitch Ratings (Thailand) Limited has today affirmed the National Long-term rating of 'A+(tha)' on the 20-year amortising debentures (the bonds) issued by NHA SPV 2 Company Limited (NHA SPV 2). At the same time, the agency has affirmed the National Short-term rating of 'F1(tha)' on the entire series of short-term debentures rollover programs issued by Osprey Series 2 Company Limited (Osprey 2), which acts as a funding conduit for NHA SPV 2. The transaction constitutes the securitisation of Thai residential hire purchase receivables originated by the National Housing Authority of Thailand (NHA), which is, in turn, financed through commercial papers issued by Osprey 2. The affirmation of the ratings is based mainly on the buy-back support by NHA to cover delinquent hire purchase receivables, over-collateralisation of assets, the reserve funds, the 100% revolving liquidity facility provided by Krung Thai Bank (KTB, 'AA+(tha)'/'F1+(tha)') and the interest rate swap agreement with KTB to hedge against Osprey 2's interest-rate risk. As of January 2008, NHA SPV 2's bonds had a remaining balance of THB229.5 million, or 20% of the original principal amount. The over-collateralisation levels have been maintained at 15% since closing. Given the bonds amortisation and the buy-back support arrangement with NHA, the available buy-back facility now effectively covers 100% of bonds outstanding, which provides support to the ratings of the transaction. The assets are serviced by NHA, a wholly-owned state enterprice. NHA is rated 'A+(tha)' by Fitch based on full government ownership and control of its operations, its policy role as the key provider of social housing for low-income families and funding support as evidenced by historical budget appropriations and government-guaranteed funding. Fitch's rating for NHA also factors in its weak stand-alone financial position and the absence of any explicit government guarantee for the full and timely repayment of all NHA's liabilities. A copy of the performance report will be available on the agency's website, www.fitchratings.com. Contact: Napachak Phasukavanich, Orawan Karoonkornsakul, Vincent Milton; Bangkok, +662 655 4755. Note to Editors: Fitch's National ratings provide a relative measure of creditworthiness for rated entities in countries with sub- or low-investment grade international sovereign 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. Media Relations: Shivani Sundralingam, Singapore, Tel: + 65 6796 7215.