Ratings

RATING Agency Malaysia Bhd (RAM) has assigned a long-term rating of A3 to AMFINANCE BHD'S RM200mil nominal amount of negotiable interest-bearing redeemable unsecured subordinated bonds (sub bonds). 

Concurrently, RAM has also reaffirmed AmFinance's general bank ratings at A2 and P1, said the rating agency in a statement.  

The sub bonds would be utilised to increase AmFinance's capital funds. 

The ratings, RAM said, reflected AmFinance's overall healthy performance as an enlarged entity after the completion of the acquisition of MBf Finance Bhd by Arab-Malaysian Finance Bhd (AMFB) in December 2001 and the subsequent merger of the business operations of AMFB and MBf Finance in June 2002. 

Its status as the largest finance company in Malaysia has translated into a commanding market share in retail banking, said RAM. – Bernama 

RAM has reaffirmed the AA3 (bg) rating for TIONG NAM TRANSPORT HOLDINGS BHD'S RM45mil redeemable bank-guaranteed bonds. 

RAM said in a statement that the rating reflected the credit strength of the guarantee provided by Commerce International Merchant Bankers Bhd. “The backing of the bank guarantee enhances the credit risk profile of the bonds beyond that of Tiong Nam's inherent or standalone credit risk,” it said. 

Tiong Nam provides conventional road haulage, container haulage and warehouse space rental services.  

Concurrently, RAM has also reaffirmed AmFinance's general bank ratings at A2 and P1, said the rating agency in a statement.