Bangkok--29 Sep--Fitch’s rating Fitch Ratings has today affirmed the National ratings of the following bonds issued by Eternal 3 Special Purpose Vehicle Company Limited (Eternal 3) and assigned rating Outlooks, as follows: THB1.5bn Class A-1 (due March 2011) affirmed at ‘AAA(tha)’; Outlook Stable THB500m Class A-2 (due March 2013) affirmed at ‘AAA(tha)’; Outlook Stable THB120m Class B (due March 2013) affirmed at ‘AA(tha)’; Outlook Stable THB160m Class C (due March 2013) affirmed at ‘A(tha)’; Outlook Negative The rating affirmations are based on the quality and performance of the collateral, the level of credit enhancement (CE), and the sound legal structure. Fitch monitors three key parameters - yield and excess spread, default rate, and monthly payment rate (MPR) - for this credit card transaction. Since closing in February 2006, the performance of the portfolio’s yield and excess spread as well as the default rate has been within Fitch’s base case assumptions while the portfolio’s MPR has been moderately weaker. Nonetheless, the transaction has been able to maintain the CE levels commensurate with the bonds’ ratings since closing. The controlled accumulation period of the class A-1 bonds began in June 2008. As a result, the CE levels increased to 31.1% for the class A-1 and A-2 bonds, to 25.4% for the class B bonds and to 17.7% for the class C bonds as at August 2008, compared with 24.5%, 20% and 14%, respectively, at closing. The CE levels are expected to further increase during the controlled accumulation period of the class A-1 bonds and to gradually decline after the full repayment of the class A-1 bonds, as the transaction documentation allows for the partial repayment of subordinated loans after the full repayment of the class A-1 bonds. Once the subordinated loans are repaid to a predetermined amount, Fitch expects to see the lowest CE levels of around 44.9% for the class A-2 bonds, 31.6% for the class B bonds and 14% for the class C bonds. Fitch has assigned Stable Outlooks to the class A-1, A-2 and B bonds based on the expectation that the CE levels of those bonds should remain sufficient to maintain their existing ratings, despite the weakening economic environment. Meanwhile, the assignment of a Negative Outlook to the class C bonds reflects the agency’s concerns regarding the impact of the weakening economy on this junior tranche, which has a lower tolerance to stressed economic conditions. Fitch’s ratings address the timely payment of interest and ultimate repayment of principal on the bonds 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 CE will not influence the probability of early amortisation. The transaction is the second 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)’. The class A-1 bonds are in their controlled accumulation period while all other bonds are still in their revolving period. The portfolio had an outstanding balance of THB2.6bn 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 specific event, Rating Outlooks 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. Fitch’s rating definitions and the terms of use of such ratings are available on the agency’s public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch’s code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the ‘Code of Conduct’ section of this site.