MARC has withdrawn the AAA rating assigned to Auto ABS’s RM195.0 million Class A(2) bonds with immediate effect following the full redemption of Class A(2) bonds on 28th August 2007. MARC’s rating obligation in respect of Auto ABS’s up to RM510.0 million redeemable asset-backed bonds programme is now limited to the RM125.0 million Class A(3) bonds, which carries a AAA rating.

As of 31 October 2007, Class A(3) bonds’s outstanding principal of RM32.06 million is supported by active hire purchase receivables of RM64.11 million and a cash reserve of RM31.09 million, translating into a credit enhancement level of 296.9%. MARC expects the Class A(3) bonds to be fully redeemed ahead of its legal final maturity in February 2009.