Bangkok--25 May--Fitch Ratings
Fitch Ratings has today assigned the following International Local Currency ratings to Eternal 5 Special Purpose Vehicle Co., Ltd.’s (Eternal 5) asset-backed debentures:
THB2,790m asset-backed fixed-rate debentures at ‘A-’; Loss Severity Rating at ‘LS2’; Outlook Negative.
The assignment of the final rating follows the completion of the debentures issue and receipt of documents conforming to information previously received. For more information please refer to the rating action commentary entitled, “Fitch Assigns Expected International Local Currency Rating of 'A-' to AEONTS' Credit Card ABS”, dated 18 May 2010 at www.fitchratings.com.
This transaction represents the fourth securitisation of credit card receivables originated by AEON Thana Sinsap (Thailand) Plc (AEONTS), a Thai consumer finance operator.
Eternal 5, a SPC with limited liability established under Thai laws, is granted special purpose vehicle (SPV) status under Thailand’s Securitisation Law. The purchased receivables have a value of up to THB4.36bn at the initial cut-off date.
Applicable criteria available on Fitch’s website at www.fitchratings.com: “Global Structured Finance Rating Criteria,” dated September 30, 2009, “Criteria for Structured Finance Loss Severity Ratings”, dated February 17, 2009, “Counterparty Criteria for Structured Finance Transactions”, dated 22 October 2009, “Criteria to Analyse Legal Uncertainty in Emerging Market Securitisations”, dated 10 July 2009, “U.S. Credit Card ABS Rating Criteria”, dated 10 March 2008, and “Criteria for Existing Asset Securitisation in Emerging Markets — Sovereign Constraints”, dated 17 March 2008.
Contacts: Orawan Karoonkornsakul, Pramook Malasitt, Bangkok, +662 655 4755 or Stan Ho +852 2263 9668, Hong Kong
Additional information is available at www.fitchratings.com.