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Fitch Affirms DAD SPV#s Bonds at #AAAsf(tha)#; Outlook Stable

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Bangkok--18 Apr--Fitch Ratings

Fitch Ratings (Thailand) Limited has affirmed DAD SPV Company Limited's (DAD SPV) bonds at 'AAAsf(tha)' with a Stable Outlook. This transaction is a CMBS backed by 30-year lease and fee payments from the government office centre in northern Bangkok, which is developed and managed by the Ministry of Finance's wholly owned asset development company, Dhanarak Asset Development Company Limited (DAD).

A full list of rating actions follows at the end of this rating action commentary.
KEY RATING DRIVERS

The ratings reflect irrevocable and unconditional lease payments from the Treasury Department (TD) of the finance ministry, which is the sole obligor under the lease agreements with DAD. As DAD SPV's cash flows are derived mainly from the lease payments, the transaction is linked to the creditworthiness of the TD. The lease payments from the TD are paid directly to DAD SPV, mitigating commingling risk. Based on scheduled annual lease payments, Fitch expects the transaction to be able to maintain a debt service coverage ratio of at least 1x and withstand a refinancing rate higher than the agency's assumption of 15%.

The ratings are also underpinned by available reserves and a long-term swap agreement guaranteeing return on cash between 2008 and 2025. The most recent payment on the bonds was in late November 2015.

The lease payments paid by the TD come from a budget appropriation each year; thus the transaction is subject to the risk of a delay in the government's budget appropriation process. General practice for government units is to use the previous year's appropriated amount as a benchmark until the appropriation process is completed and the budget is allocated. Since the commencement of payments in July 2008, DAD SPV has received all lease payments as scheduled. The most recent lease payments were made on 30 October 2017; Fitch expects the next payments to be made in a timely manner in October 2018.

Funding of any unpaid lease payments due from the TD is likely to come from DAD, which is obligated to advance any unpaid lease payments for the TD. At present, DAD has a THB2.3 billion uncommitted liquidity facility from Krung Thai Bank Public Company Limited (AA+(tha)/Stable/F1+(tha)) for this purpose. To date, this facility has never been drawn. Fitch considers state support would be forthcoming if DAD needed it, given its state enterprise status.

RATING SENSITIVITIES

The ratings are based on the creditworthiness of TD, which is a unit of the Ministry of Finance. Fitch considers a downgrade due to asset performance unlikely due to the irrevocable and unconditional pre-determined lease payments from the TD.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10
Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch 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 asset 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 asset portfolio or conducted a review of origination files as part of its ongoing monitoring.

Overall, Fitch's assessment of the asset pool information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable.
SOURCES OF INFORMATION
The information below was used in the analysis:

Transaction reporting data provided by the transaction administrator Conduit Management Services Limited as at 31 March 2018. Financial data provided by Dhanarak Asset Development Co., Ltd. as at 31 December 2017.

The full list of rating actions is shown below:
DAD SPV:
THB1.8 billion DAD20NA (ISIN TH088803UB03) due November 2020 affirmed at 'AAAsf(tha)'; Outlook Stable
THB5 billion DAD25NA (ISIN TH0888035B07) due November 2025 affirmed at 'AAAsf(tha)'; Outlook Stable
THB2.2 billion DAD20NB (ISIN TH0888A3UB08) due November 2020 affirmed at 'AAAsf(tha)'; Outlook Stable
THB6 billion DAD25NB (ISIN TH0888A35B09) due November 2025 affirmed at 'AAAsf(tha)'; Outlook Stable
THB5.5 billion DAD25NC (ISIN TH0888B35B08) due November 2025 affirmed at 'AAAsf(tha)'; Outlook Stable

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