Bangkok--15 Sep--Fitch Ratings
Fitch Ratings (Thailand) Limited has today said, in a performance report on Eternal 4 Special Purpose Vehicle Company Limited (Eternal 4), that the performance of the portfolio has been strong. The transaction is a securitisation of credit card receivables asset backed securities originated by Aeon Thana Sinsap (Thailand) Public Company Limited (rated ‘BBB+(tha)’/Stable/‘F2(tha)’).
“The performance of all three key parameters, namely yield and excess spread, default rate, and monthly payment rate, has met Fitch’s base case assumptions comfortably. In addition, the portfolio’s performance (particularly delinquency trends) during the first eight months of 2010 was better than the 2009 level, thanks mainly to the recovery of domestic economic conditions. The satisfactory performance and strong credit enhancement levels have resulted in the rating affirmation of the class A-2 debentures and the upgrade of the class B debentures,” 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