Published on 02 Aug 2023.
RAM Ratings has assigned a final rating of AA2/Stable to the RM218.0 mil First Tranche Senior Class A Medium-Term Notes (Senior MTN) to be issued under Poseidon ABS Berhad (Poseidon or Issuer)’s RM3.5 bil asset-backed MTN programme.
The Issuer is a trust-owned special-purpose vehicle incorporated to facilitate the securitisation of receivables originated by SeaMoney Capital Malaysia Sdn Bhd (SCM). SCM mainly offers Buy Now Pay Later (BNPL) financing under SPayLater on the Shopee e-commerce platform.
In assigning the final rating, we have considered the latest securitised pool based on the cut-off date of 18 July 2023, final coupon rates, credit enhancement, the transaction structure and legal and tax opinions. Overall, we are satisfied that all relevant transaction documents reviewed are substantially in line with our assessment when the preliminary rating was assigned, published on 19 January 2023 (click here), which includes a minor change in the eligibility criteria and inclusion of a reopening clause. Please refer to our final rating rationale for further details.
Upon issuance of the Senior MTN, RAM will maintain surveillance of the transaction via monthly performance reports prepared by the Servicer and the Security Trustee. We will monitor the rating as long as there are outstanding rated notes under the programme.
L Nurisya Abdullah
(603) 3385 2492
Lim Chern Yit
(603) 3385 2528
The credit rating is not a recommendation to purchase, sell or hold a security, inasmuch as it does not comment on the security’s market price or its suitability for a particular investor, nor does it involve any audit by RAM Ratings. The credit rating also does not reflect the legality and enforceability of financial obligations.
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Ratings on Poseidon ABS Berhad