RAM Ratings reaffirms AAA rating of Tresor Assets’ Tranche F Senior Bonds, with stable outlook

Published on 23 August 2013

RAM Ratings has reaffirmed the AAA rating of Tresor Assets Berhad’s (“Tresor”) outstanding RM35 million Tranche F Senior Bonds (“Senior Bonds” or “Tranche F”), with a stable outlook.

Tresor is a special-purpose vehicle set up to undertake a RM1.5 billion funding programme involving receivables purchased by RCE Marketing Sdn Bhd (“RCE Marketing”). Tranche F is the sixth issuance under this programme, which is secured against a pool of personal loans originated by Koperasi Wawasan Pekerja-Pekerja Berhad, a co-operative. As at end-April 2013, the Senior Bonds were supported by RM34.40 million of outstanding receivables and RM58.99 million of cash and permitted investments, resulting in a collateralisation level of 266.84%.

Notably, Tranche F is fully cash-collateralised; its available cash balances of RM59 million (including permitted investments) as at end-April 2013 could cover the RM35 million of outstanding Senior Bonds as well as RM7.5 million of coupon obligations throughout their remaining tenure. Under the terms of the Senior Bonds, Tresor has the option of exercising the “full early redemption” clause on each coupon-payment date.

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Ang Jae Han

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angjaehan@ram.com.my