Class Auto Receivables fully redeems Class B Notes Series 2007-A

Published on 19 September 2012

RAM Ratings has received confirmation that Class Auto Receivables Berhad (“CAR Berhad”) fully redeemed the remaining RM7.75 million of its Class B Notes Series 2007-A (“Notes”) on 14 September 2012. Correspondingly, RAM Ratings has withdrawn the AAA rating of the Notes and no longer has any rating obligation on the said facility.

CAR Berhad is a single-purpose entity incorporated to undertake a RM10 billion 20-year Medium-Term Notes Programme involving the securitisation of hire-purchase loans originated by Proton Commerce Sdn Bhd (“PCSB”), in conjunction with CIMB Bank Berhad (“CIMB Bank”). PCSB had been formed as a joint venture between Proton Edar Sdn Bhd – the marketing arm and 100%-owned subsidiary of Proton Holdings Berhad – and CIMB Bank. This transaction features a pass-through mechanism that allows excess cash to be channelled towards early redemption of Notes Series 2007-A on each quarterly coupon-payment date, in a pre-determined order of priority.

CAR Berhad also partially redeemed RM9 million of its Class C Notes (rated AAA, with a stable outlook) on 14 September 2012. As a result, RM11 million of the Class C Notes remains outstanding. RAM Ratings will maintain surveillance on this debt facility.

Notes	Rating/ Outlook	Issue Amount (RM million)	Outstanding Amount (RM million)	Maturity Date
Class A
Tranche 1	-	40.0	Fully redeemed	12 Sept 2008
Tranche 2		130.0		14 Sept 2010
Tranche 3		110.0		14 Sept 2012
Tranche 4		80.0		12 Sept 2014
Tranche 5		35.0		14 Sept 2015
Class B	-	20.0	Fully redeemed	14 Sept 2015
Class C	AAA/Stable	20.0	11.0	14 Sept 2015
Owner’s Note	Not rated	70.0	70.0	14 Oct 2015

Media contact
Lee Sook Wei
(603) 7628 1017
sookwei@ram.com.my