RAM said in a statement that the enhanced long-term ratings for its RM500mil serial fixed rate bonds (RM500mil bonds) and RM150mil redeemable unsecured bonds (RM150mil bonds) had been reaffirmed at A1(s).
The enhanced ratings for these bonds took into account the structure of their independently administered Sinking Fund Accounts (SFAs), it said.
It added that in May 2003, RHB Capital was scheduled to redeem the RM150mil bonds via a portion of the proceeds from the RM500mil bonds.
“While the proposed bonds also feature an SFA, the latter's cash flow is subordinated to the RM500mil bonds' SFA,” RAM said. – Bernama
In a statement, RAM said AmSecurities had a strong franchise and its profitability had remained sustainable despite the difficult operating environment.
The company is also supported by a sound credit risk management, ample liquidity and strong capitalisation, it said.
It added that although AmSecurities' performance is largely affected by the volatility of the stock market, expectations of better economic prospects in 2003 might boost consumer sentiment and prove a better year for the local stockbroking industry. – Bernama
RAM said in a statement that the enhanced long-term ratings for its RM500mil serial fixed rate bonds (RM500mil bonds) and RM150mil redeemable unsecured bonds (RM150mil bonds) had been reaffirmed at A1(s).
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