Fitch Ratings assigned ValueMax (SGX:T6I) a first-time long-term issuer default rating of BB, with a stable outlook, according to a Monday filing with the Singapore Exchange.

Fitch attributed the rating to the company's established franchise, low credit losses, and sound profitability.

However, Fitch has flagged concentration risk in the company's property-backed lending portfolio and asset-liability mismatches arising from its reliance on short-term funding.