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Premium Commerce redeems Notes Series 2016-A ahead of maturity
Published on 04 Oct 2023.
RAM Ratings has received confirmation that Premium Commerce Berhad redeemed all its outstanding Class A, B and C Notes under Notes Series 2016-A on 29 September 2023, ahead of the respective maturity dates.
We have accordingly withdrawn the AAA/Stable ratings of the rated notes and no longer have any rating obligation in respect of Notes Series 2016-A. The ratings were last published on 28 September 2022. Following the full redemption of Notes Series 2016-A, there are no longer any rated notes outstanding under Premium Commerce’s RM2.0 bil Asset-Backed Medium Term Notes Programme.
The transaction involved the securitisation of hire-purchase receivables originated by TC Capital Resources Sdn Bhd under the programme. TC Capital Resources is the hire-purchase captive financing arm of Tan Chong Motor Holdings Berhad, which in turn via Tan Chong & Sons Motor Company Sdn Bhd holds the sole right to assemble and distribute Nissan and Ultimate Dependability vehicles in Malaysia.
Analytical contacts
Zachary Tan
(603) 3385 2612
zachary@ram.com.my
Tan Han Nee
(603) 3385 2529
hannee@ram.com.my
Media contact
Sakinah Arifin
(603) 3385 2500
sakinah@ram.com.my
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