Devonshire Capital
September 29th 2003

Fitch Ratings assigned to A-(tha) Securitised Bond by SCAN SPV

Fitch Ratings assigned a A-(tha) to the THB 1.0bn secured amortising bonds to be issued by SCAN SPV Company Limited, the special purpose vehicle with limited liability incorporated under the laws of Thailand. This transaction is a securitization of Thai auto hire purchase receivables originated by Scandinavian Leasing Public Company Limited (SCAN), a subsidiary of Swedish Motors Corporation Public Company Limited. The bonds will be secured by a pool of auto hire purchase receivables under an assignment of rights to receive cash flows. The transaction will have a legal maturity of six years, including a revolving period in the first two years. The collateral includes any payments made by obligors, any amount due in respect of enforced hire purchase agreements, proceeds from insurance claims and any payments made by guarantors. The claim over these rights is non-recourse to SCAN.

Note: Devonshire Kiatnakin Structured and Arranged this transaction.

<< back