Bangkok--5 Sep--Fitch Ratings Fitch Ratings has today affirmed the National ratings of the following debentures issued by Eternal 4 Special Purpose Vehicle Company Limited (Eternal 4) and assigned Stable Outlooks, as follows: THB1.5bn Class A-1 (due October 2012) affirmed at 'AAA(tha)'; Outlook Stable THB500m Class A-2 (due October 2014) affirmed at 'AAA(tha)'; Outlook Stable THB205m Class B (due October 2014) affirmed at 'AA(tha)'; Outlook Stable The rating affirmations are based on the quality and performance of the collateral, the credit enhancement provided, and the sound legal structure. Fitch monitors three key parameters - yield and excess spread, default rate and monthly payment rate - for this credit card transaction. Since closing in June 2007, the performance of the portfolio's three key parameters has been within Fitch's base case assumptions and the credit enhancement level has been maintained at 32.2% for the class A-1 and A-2 debentures and at 25.2% for the class B debentures, the level provided at closing. The Stable Outlooks reflect Fitch's expectations that the portfolio should continue to perform within the agency's base case assumptions, despite the negative impact from the weakening economic environment. Fitch's ratings address the timely payment of interest and ultimate repayment of principal on the debentures by the legal final maturity. It should be noted that the ratings do not reflect the likelihood of the early amortisation events, and the level of credit enhancement will not influence the probability of early amortisation. The transaction is the third 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)'/Stable/'F2(tha)'. All debentures are still in their revolving period. The portfolio had an outstanding balance of THB2.9bn as of August 2008, declining from THB3.0bn at closing as the portfolio's purchase rate has been mostly lower than the principal payment rate. Given the slowdown in credit card spending, Eternal 4 had THB166m unused cash in its principal collection account as of August 2008. 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 in the short term as a result of a specific event, 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. 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, Tel: +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 sand 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.