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RAM Ratings withdraws rating of Salvare’s First Tranche Senior Notes following early redemption
Published on 06 Oct 2023.
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 Accordingly, we have withdrawn the rating of the Senior Notes and no longer have any rating obligation in respect of the facility.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
nurisya@ram.com.my
Lim Chern Yit
(603) 3385 2528
chernyit@ram.com.my
Media contact
Sakinah Arifin
(603) 3385 2500
sakinah@ram.com.my
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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Similarly, the disclaimers above also apply to RAM Ratings’ credit-related analyses and commentaries, where relevant.
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