OREANDA-NEWS. Fitch Ratings has affirmed the asset-backed debentures issued by Eternal 6 Special Purpose Vehicle Co., Ltd. The transaction is a securitisation of credit card receivables originated in Thailand by AEON Thana Sinsap (Thailand) Public Company Limited (BBB+(tha)/Positive/F2(tha)). The rating action is as follows:

THB733m* fixed interest rate asset-backed debentures affirmed at 'A-sf'; Outlook Stable
*as of 5 April 2016

KEY RATING DRIVERS
The affirmation reflects Fitch's view that the available credit enhancement (CE) level is sufficient to support the current rating and that the key performance parameters will continue to remain within the agency's base case expectations. The CE has significantly increased due to the progress of the controlled amortisation since July 2015.
Fitch focuses on yields, monthly payment rate (MPR) and delinquent receivables ratios as key performance variables in assessing asset performance of the underlying collateral. Each of the variables has been within the agency's initial expectation.
The actual MPR and delinquent receivables ratios for the underlying loans are well within Fitch's base case, providing the transaction some buffer against stresses in those performance parameters. This underpins the Stable Outlook.

RATING SENSITIVITIES
The transaction is at the final stage of the controlled amortisation period and the credit enhancement has increased significantly. The current rating on the debentures would remain unchanged, even if the default rate tripled from the current level. Similarly, the current rating would not be affected even if MPR declined by 50%. A combination of both the above stresses on the default rate and MPR would not affect the current rating.

Future rating actions on the sovereign may affect the rating of this transaction as the stress scenarios applied to this transaction are related to the sovereign ratings.

DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation to this rating action.

DATA ADEQUACY
Fitch has checked the consistency and plausibility of the information it has received about the performance of the underlying pool and the transaction. There were no findings that were material to this analysis. Fitch has not reviewed the results of any third party assessment of the underlying pool information or conducted a review of loan origination files as part of its ongoing monitoring.

Initial Key Rating Drivers and Rating Sensitivities are further described in the New Issue report published on 20 May 2013. A comparison of the transaction's representations, warranties and enforcement mechanisms (RW&Es) to those of typical RW&Es for this asset class is available by accessing the reports and/or links given under Related Research below.