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Tuesday April 9, 2013 MYT 12:00:00 AM
Friday April 26, 2013 MYT 1:16:45 AM
KUALA LUMPUR: RAM Ratings has assigned respective long- and short-term ratings of A1 and P1 to Orix Leasing Malaysia Bhd’s proposed commercial papers/medium-term notes programme of up to RM500mil, with stable outlooks.
“Concurrently, we have reaffirmed the company’s AAA(bg) rating of up to RM150mil bank-guaranteed MTN programme (2011/2016), reflecting the strength of the irrevocable and unconditional guarantee from Malayan Banking Bhd.
“The guarantee enhances the credit profile of this debt facility beyond ORIX Leasing’s credit strength,” the rating agency said in a statement.
Orix Leasing is a leader in the Malaysian leasing industry and is wholly-owned by Japan-based Orix Corp. RAM Ratings said the company’s gross receivables expanded rapidly in fiscal year 2012, reaching RM2.7bil, driven by additional lending to various sectors including construction, business services and manufacturing. “Notwithstanding the possibility of an uptick in defaulted credits as its loan portfolio matures, we believe that Orix Leasing’s overall asset quality will remain healthy,” it added. — Bernama
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