Bangkok--8 Sep--Fitch Ratings
Fitch Ratings (Thailand) Limited has today said, in a performance report on Eternal 3 Special Purpose Vehicle Company Limited (Eternal 3), that the performance of the portfolio has improved since late 2009. The transaction is a securitisation of credit card receivables asset backed securities (ABS) originated by Aeon Thana Sinsap (Thailand) Public Company Limited (AEONTS; ‘BBB+(tha)’/Stable/‘F2(tha)’).
“The portfolio’s performance during the first eight months of 2010 was better than the 2009 level, thanks mainly to the recovery of domestic economic conditions. While its monthly payment rate has been mostly below Fitch’s base case assumption, the extent of discrepancy has not been excessive. The portfolio’s yield and default rate have performed comfortably within the agency’s base case assumptions. The satisfactory performance and strong credit enhancement levels have resulted in the rating affirmations of the class A-2 and C debentures, the upgrade of the class B debentures, and the revision of the class C debentures’ Rating Outlook to Stable” says Orawan Karoonkornsakul, Senior Director in Fitch Thailand’s Structured Finance team.
Contacts:
Orawan Karoonkornsakul
Senior Director
+662 655 4766
Fitch Ratings (Thailand) Limited
Wave Place 13th floor, 55 Wireless Road
Bangkok 10330, Thailand