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We have accordingly withdrawn the AAA/Stable ratings of the rated notes and no longer have any rating obligation in respect of Notes Series 2016-A. The ratings were last published on 28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.
(603) 3385 2612
Tan Han Nee
(603) 3385 2529
(603) 3385 2500
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Ratings on Premium Commerce Berhad 2016-A