MARC has assigned preliminary ratings of AAA, AA and A+ to Class Auto Receivables Berhad’s (Class Auto) RM[395.0] million Class A, RM[20.0] million Class B and RM[20.0] million Class C Medium-Term Notes. Class Auto, a special purpose vehicle whose shares are held by the share trustee for the benefit of certain charities, was incorporated for the purpose of purchasing hire purchase receivable...

MARC has reaffirmed the long-term rating of Auto ABS One Bhd’s (Auto ABS) RM510.0 million Class A bonds at AAA. The reaffirmation reflects the portfolio of hire purchase receivables performing within MARC’s stress scenario, rising enhancement levels underpinned by the availability of overcollateralization of 151.3% (initial: 106.9%)  and a non-amortizing cash reserve equivalent to...

MARC has reaffirmed the long-term rating of Auto ABS One Bhd’s (Auto ABS) RM510.0 million Class A bonds at AAA. This is premised on the portfolio of hire purchase receivables performing within stressed expectations, the availability of gross overcollateralization of 107.0% and a non-amortizing cash reserve equivalent to 2.5% of the nominal value of the bonds.Under the first tier of a two-tiered ...

MARC has reaffirmed the long-term ratings of Auto ABS One Bhd’s (Auto ABS) RM510.0 million Class A bonds at AAA. This is premised on the portfolio of hire purchase receivables performing within stressed expectations, the availability of gross overcollateralization of 107.0% and a non-amortizing cash reserve equivalent to 2.5% of the nominal value of the bonds.Under the first tier of a two-tiered...

MARC has affirmed the long-term ratings of Auto ABS One Bhd’s (Auto ABS) RM510.0 million Class A bonds at AAA. This is premised on the portfolio of hire purchase receivables performing well within expectations, the availability of gross overcollateralization of 107.0% and a non-amortizing cash reserve equivalent to 2.5% of the nominal value of the bonds.Under the first tier of a two-tiered sale ...

MARC has assigned long-term ratings of AAA (triple A) to Auto ABS One Berhad’s RM510 million redeemable asset-backed bonds, consisting of RM190 million nominal value Class A(1); RM195 million nominal value Class A(2) and RM125 million nominal value Class A(3).Under the first tier of a two-tiered sale structure, Bumiputra-Commerce Finance Bhd (BCF), the primary seller, will sell RM545 million pri...