Fitch Ratings Bangkok 09 Jul 2025: Fitch Ratings (Thailand) has affirmed DAD SPV Company Limited's (DAD SPV) bonds at 'AAAsf(tha)' with a Stable Outlook. The CMBS transaction is 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). KEY RATING DRIVERS Sovereign Credit Underpinned Ratings: The ratings are
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