[RAM] ELK-Desa Resources' financing vehicle fully redeems outstanding Senior Notes under Tranche 1 MTN

RAM Ratings has received confirmation that Premier Auto Assets Berhad (the Issuer) fully redeemed the outstanding RM35 mil Senior Class A and RM20 mil Senior Class B Notes (Senior Class MTNs) under its Tranche 1 Medium Term Notes (Tranche 1 MTN) on 19 July 2021. Senior Class B was redeemed ahead of its maturity on 19 July 2022. Accordingly, we have withdrawn the AAA/Stable ratings of the Senior Class MTNs and no longer have any rating obligation in respect of the Tranche 1 MTN. 

The Issuer is a special-purpose vehicle incorporated specifically to facilitate ELK-Desa Capital Sdn Bhd’s (the Originator) fundraising exercise via the securitisation of its portfolio of second-hand motor vehicle financing receivables. ELK-Desa Capital is a wholly owned subsidiary of ELK-Desa Resources Berhad, an investment holding company listed on the Main Market of Bursa Malaysia.

Analytical contacts
Yip Chee Meng
(603) 3385 2516

Lim Chern Yit
(603) 3385 2528