Ratings - RAM Holdings Berhad (2024)

RAM’s league tables are based on a set of consistent criteria,
transaction classifications and eligibility rules as well as methodology.

Lead Managers Criteria

RAM Rating Services Berhad (RAM Ratings) is the leading and largest credit rating agency in Malaysia and South-East Asia (ASEAN). Renowned for our independent and insightful views, our credit ratings and assessments are highly regarded in both the domestic and regional markets, and are used by investors and market participants to make sound decisions.

Established in 1990 by the central bank of Malaysia and now regulated by the Securities Commission Malaysia as part of the “institutional infrastructure” to support the development of Malaysia’s bond market, RAM has rated more than USD450 billion of bonds issued by over 750 entities. Its rating coverage includes corporates, financial institutions, insurance & non-bank financial institutions, project finance and structured finance obligations. RAM also supports the financial markets with deep macroeconomic research and data analytics services in Asia and globally.

RAM Ratings is also the world’s leading rating agency for securities issued under Islamic principles, or sukuk. Our vast experience and contributions in the rapidly expanding sukuk market has won us numerous awards, including GIFA Power Award (Islamic Rating) 2021 by Global Islamic Finance Awards,Best Rating Agency (South-East Asia) in both 2018 and 2017 by CPI Financial, and Best Islamic Rating Agency in 2016 by Islamic Finance News.

On 26 May 2016, RAM joined the line-up of pioneer credit rating agency signatories to the United Nations-supported Principles for Responsible Investment’s Statement on Environment, Social and Governance (ESG) in Credit Ratings. The Statement on ESG in Credit Ratings is a way for RAM Ratings to communicate our commitment to a more systematic and transparent incorporation of ESG into credit ratings and analysis.

Type of Services

Rating Definitions & Indicators

Rating Committee

Rating Process

Accolades & Accreditation

1. A missed interest and/or principal payment, which is not remedied within the grace period.
2. The legal insolvency or bankruptcy of the issuer.
3. Failure to honour the corporate-guarantee obligations provided to subsidiaries.
4. A distressed exchange in which the bondholders are offered a substitute instrument with inferior terms (e.g. extended maturities, lower coupons or diminished security packages).

1. Any principal shortfall or principal write-down suffered and not reversed by the legal final maturity, as promised.
2. A missed (promised) payment on interest obligations that do not have any deferrable or curable feature.
3. Sustained periods of interest shortfalls despite the presence of deferrable and curable features, which are deemed to be unremedied and unrecoverable.
4. The filing of bankruptcy proceedings or the insolvency, receivership, liquidation, winding up or cessation of the issuer's business.
5. A distressed exchange where the bondholders are offered a substitute instrument with structurally or economically inferior terms (e.g. significantly extended maturities, lower coupons, further subordination in ranking or reduction in structural protection through the removal of termination events or protective triggers).