RAM Ratings upgrades long-term rating of AEON Credit’s RM400 million debt facility to AAA(bg)

Published on 05 December 2012

RAM Ratings has upgraded the long-term rating of AEON Credit Service (M) Berhad’s (“AEON Credit”) RM400 million Conventional and Islamic Commercial Papers/Medium-Term Notes Programme, from AA1(bg) to AAA(bg), with a stable outlook. At the same time, the short-term rating has been reaffirmed at P1.

The ratings reflect the strength of the unconditional and irrevocable guarantees extended by a consortium of 3 banks - Bank of Tokyo Mitsubishi UFJ Ltd (“BTMU”), Mizuho Corporate Bank Ltd (“Mizuho”), and Malayan Banking Berhad – based on the weakest-link approach under RAM Ratings’ criteria on guaranteed bonds. Following the upgrading of the long-term ratings of Mizuho (implicit) and BTMU to AAA, the rating of AEON Credit’s debt facility has also been rationalised accordingly.

For more details, please refer to RAM Ratings’ press release on BTMU, dated 5 December 2012.

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