RAM Ratings withdraws rating of Salvare’s First Tranche Senior Notes following early redemption

Published on 06 Oct 2023.

Share Tweet Email

RAM Ratings has received confirmation that Salvare Assets Berhad (Salvare) redeemed its RM39.0 mil First Tranche Senior Class A Notes (Senior Notes) in full on the coupon payment date of 29 September 2023. The First Tranche Senior Notes – the AAA/Stable rating of which was last published on 13 June 2023 (click here) – was fully cash-backed upon commencement of the Controlled Amortisation Period on 1 July 2023. As per the transaction terms, Salvare served a notice of early redemption on 8 September 2023. Accordingly, we have withdrawn the rating of the Senior Notes and no longer have any rating obligation in respect of the facility.

Salvare is a trust-owned, special-purpose vehicle incorporated to undertake the securitisation of micro-financing receivables originated by Axiata Digital Capital Sdn Bhd. Boost’s AI-based micro financing business specialises in providing financing and insurance to underserved market segments, especially micro, small and medium-size enterprises.


Analytical contacts
L Nurisya Abdullah
(603) 3385 2492

Lim Chern Yit
(603) 3385 2528

Media contact
Sakinah Arifin
(603) 3385 2500


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.

RAM Ratings receives compensation for its rating services, normally paid by the issuers of such securities or the rated entity, and sometimes third parties participating in marketing the securities, insurers, guarantors, other obligors, underwriters, etc. The receipt of this compensation has no influence on RAM Ratings’ credit opinions or other analytical processes. In all instances, RAM Ratings is committed to preserving the objectivity, integrity and independence of its ratings. Rating fees are communicated to clients prior to the issuance of rating opinions. While RAM Ratings reserves the right to disseminate the ratings, it receives no payment for doing so, except for subscriptions to its publications.

Similarly, the disclaimers above also apply to RAM Ratings’ credit-related analyses and commentaries, where relevant.

Published by RAM Rating Services Berhad
© Copyright 2023 by RAM Rating Services Berhad

Ratings on Salvare Assets Berhad