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RAM Ratings assigns final AAA rating to Malaysia’s first pawn loan securitisation, issued by TY Consolidated Capital
Published on 19 Sep 2025.
RAM Ratings has assigned a final AAA/Stable rating to the RM200 mil First Tranche Senior Medium-Term Notes (MTN) to be issued under TY Consolidated Capital Berhad’s (the Issuer) RM500 mil MTN Programme.
The Issuer is a trust-owned special-purpose vehicle incorporated to facilitate the securitisation of pawn loans originated by the subsidiaries of Ta Yoong Sdn Bhd (Ta Yoong, the Sponsor and Servicer for the transaction).
In assigning the final rating, we have considered the final terms of the First Tranche MTN and reviewed all relevant transaction documents. The final rating factors in the transaction’s legal and tax opinions, issuance details such as initial portfolio profile, credit enhancement, tenure and coupon rate as well as tax estimates. Overall, we find these to be in line with our assessment when the preliminary rating was assigned and published on 20 May 2025 (click here). Please refer to the final rating rationale for details.
RAM will maintain surveillance of the transaction via monthly servicer reports from the Servicer and Security Trustee for as long as the rated MTN issue remains outstanding.
Analytical contacts
Liew Kar Ling
(603) 2708 8216
karling@ram.com.my
Lim Chern Yit
(603) 2708 8302
chernyit@ram.com.my
Media contact
Sakinah Arifin
(603) 2708 8212
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.
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
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