OREANDA-NEWS. Fitch Ratings has published a performance report on Eternal 6 Special Purpose Vehicle Co., Ltd.

The report discusses key rating drivers, which include asset performance and structural features. Since closing in May 2013, each key performance parameter has remained largely within Fitch's base case expectations. Fitch believes political uncertainty and highly levered household balance sheets remain key near-term asset performance risks for this transaction. However, Fitch's base-case assumptions were determined based on the historical data covering more than nine years, including the period of political instability in 2006. In addition, Fitch set the base-case default rate and monthly payment rate conservatively compared with the performance observed in recent years, reflecting rising household debt. Therefore, Fitch expects the performance parameters to remain in line with its base-case assumptions.

The transaction is a securitisation of credit card receivables originated by AEON Thana Sinsap (Thailand) Public Company Limited (BBB+(tha)/Positive/F2(tha)), a consumer finance operator in Thailand. Fitch's most recent rating action on this transaction was on 8 April 2015, where the ratings of the debentures were affirmed at 'A-sf' with Stable Outlook.

The report is available at www.fitchratings.com.