Published on 18 December 2012
RAM Ratings has received
confirmation from Malaysian Trustees Berhad that Class Auto Receivables Berhad
(“CAR Berhad”) fully redeemed the remaining RM11 million of its Class C Notes
Series 2007-A on 14 December 2012, approximately 3 years ahead of its maturity
date (14 September 2012). As such, RAM Ratings no longer has any rating
obligation on the said facility, which had previously carried an AAA rating,
with a stable outlook.
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 Malaysia’s national car company,
Proton Holdings Berhad – and CIMB Bank, the country’s second-largest commercial
bank.
Media contact
Lee Sook Wei
(603) 7628 1017
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.