[RAM] RAM Ratings assigns final AAA rating to Malaysia's first pawn loan securitisation, issued by TY Consolidated Capital

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