Bangkok--1 Sep--Fitch Ratings Fitch Ratings has today affirmed the National ‘AAA(tha)’ ratings of the THB1.0bn class A-2 debentures issued by Eternal Credit Card Special Purpose Vehicle Company Limited (ECC), and assigned them a Stable Outlook. The ratings address the timely payment of interest and ultimate repayment of principal of the class A-2 debentures by their legal final maturity in November 2011. The class A-1 debentures were paid in full on their expected maturity date in February 2008. Fitch monitors three key parameters - yield and excess spread, default rate and monthly payment rate (MPR) - for credit card transactions. Since closing in February 2005, the performance of the portfolio’s yield and excess spread as well as default rate has been satisfactory as compared to Fitch’s base case assumptions. Due to the weakening debt servicing ability of borrowers, the portfolio’s MPR has been much poorer than expected and the principal payment rate is approaching the early amortisation trigger level. Nonetheless, Fitch views that the expected credit enhancement (CE) level and the satisfactory performance of yield and excess spread as well as default rate should be sufficient to offset the weak payment rate performance. As of August 2008, the CE level of the transaction was at 41.8%, as compared to 29% at closing. Assuming the transaction does not enter into an early amortisation period, Fitch expects to see the lowest CE level at approximately 35% as the subordinated loan will be gradually paid down. Meanwhile, the start of the controlled accumulation period or early amortisation period is likely to increase the CE level of the transaction. It should be noted that Fitch’s ratings do not reflect the likelihood of the early amortisation events, and the level of CE will not influence the probability of early amortisation. The Stable Outlook reflects Fitch’s expectation that the portfolio’s CE level should be sufficient to maintain the ‘AAA(tha)’ rating of the debentures despite the weakening economic environment. Rating Outlooks have been published for all newly issued Asia Pacific Structured Finance tranches since June 2008, and concurrently with rating actions for tranches issued prior to June 2008. Unlike a Rating Watch which notifies investors that there is a reasonable probability of a rating change, rating outlooks provide forward-looking information to the market and indicate the likely direction of any rating change over a one- to two-year period. The transaction is the first securitisation of credit card receivables originated by Aeon Thana Sinsap (Thailand) Public Company Limited or AEONTS, a Thai consumer finance operator currently rated ‘BBB+(tha)’/‘F2(tha)’. The class A-2 debentures are now in their revolving period. The portfolio had an outstanding balance of THB2.3bn as of August 2008, as compared with THB3.0bn at closing. A copy of the performance report will be available on www.fitchratings.com and www.fitchratingsasia.com Contacts: Orawan Karoonkornsakul, Napachak Phasukavanich, Vincent Milton, Bangkok, +662 655 4755