The RAM Holdings Group is a leading provider of independent credit ratings, research, training, risk analysis, bond pricing and credit information. Formerly known as Rating Agency Malaysia Berhad, RAM Holdings was established in November 1990 as a catalyst for the domestic debt capital market and as the nation’s first credit rating agency. Our shareholders comprise major financial institutions in Malaysia, S&P Global Asian Holdings Pte Ltd and Fitch Ratings Limited.

On 1 July 2007, our rating operations were novated to a newly formed subsidiary, RAM Rating Services Berhad. Apart from credit ratings, the RAM Group also offers a full range of professional training and educational courses as well as conferences related to the debt capital market. 

Underscored by more than 27 years’ expertise in credit analysis, risk management, economics and industry research, our wholly owned unit, RAM Consultancy Services Sdn Bhd, delivers innovative solutions to companies. In 2016, RAM Consultancy commenced offering Sustainability Ratings, a tool and framework that measures companies’ Environment, Social and Governance performance.
The latest addition to the Group, RAM Solutions Sdn Bhd, was founded in 2016 and provides independent credit opinions on ventures listed on a multi-bank, web-based platform known as the Investment Account Platform (IAP). Spearheaded by 6 major Islamic banks in Malaysia, the IAP is a strategic initiative of the Islamic finance industry.

As an associate of RAM Holdings, Bond Pricing Agency Malaysia Sdn Bhd is the sole provider of bond-pricing and valuation data on the Malaysian bond market. Another associate, RAM Credit Information Sdn Bhd, is a leading provider of online credit and business information. The firm also provides model-based credit scores for a large portfolio of small and medium-sized companies.

Group of Companies

Group of Companies - Content

RAM Rating Services Berhad

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.

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RAM Consultancy Services Sdn Bhd

RAM Consultancy Services Sdn Bhd (RAM Consultancy) is a wholly owned subsidiary of RAM Holdings Berhad. Established on 31 May 2000, RAM Consultancy has carved a reputation in economic advisory, risk management, strategic business consultancy, debt restructuring and project-advisory services. In 2016, RAM Consultancy has strategically focused its business in the Sustainability Ratings of companies in the areas of Environment, Social and Governance.

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RAM Solutions Sdn Bhd

RAM Solutions Sdn Bhd (RAM Solutions) is a wholly owned subsidiary of RAM Holdings Berhad. Incorporated on 12 April 2016, RAM Solutions is the provider of credit opinions on ventures listed on the Investment Account Platform (IAP) - the multibank investment portal that facilitates channelling of funds from investors to finance viable ventures.


No.  Shareholders of RAM      No. of Shares  % of Shares
1 Affin Bank Berhad 360,000 3.600
2 Affin Hwang Investment Bank Berhad 200,000 2.000
3 Alliance Bank Malaysia Berhad 320,000 3.200
4 Alliance Investment Bank Berhad 200,000 2.000
5 AmBank (M) Berhad 680,000 6.800
6 Bangkok Bank Berhad 80,000 0.800
7 Boon Siew Credit Berhad 30,000 0.300
8 CIMB Bank Berhad 1,442,500 14.425
9 Deutsche Bank (Malaysia) Berhad 80,000 0.800
10 Fitch Ratings Limited 490,000 4.900
11 Hong Leong Bank Berhad 580,000 5.800
12 HSBC Bank Malaysia Berhad 350,000 3.500
No.  Shareholders of RAM      No. of Shares  % of Shares
13 J.P. Morgan Chase Bank Berhad 130,000 1.300
14 Malayan Banking Berhad 760,000 7.600
15 MUFG Bank (Malaysia) Berhad 210,000 2.100
16 OCBC Bank (Malaysia) Berhad 350,000 3.500
17 Public Bank Berhad 532,500 5.325
18 RHB Bank Berhad 885,000 8.850
19 S&P Global Asian Holdings Pte Ltd 1,300,000 13.000
20 SIBB Berhad 120,000 1.200
21 Standard Chartered Bank Malaysia Berhad 350,000 3.500
22 The Bank of Nova Scotia Berhad 130,000 1.300
23 United Overseas Bank (Malaysia) Berhad 420,000 4.200
  Total 10,000,000 100.000

Board of Directors

  • YBhg Tan Sri Amirsham A Aziz


  • YBhg Tan Sri Datuk Yong Poh Kon

    Non-Executive Director

  • Ms Bhartidevi R C Seth

    Non-Executive Director

  • Mr Steven Choy Khai Choon

    Non-Executive Director

  • Mr Ng Hon Soon

    Non-Executive Director

  • Pn Nazela Ahmad

    Non-Executive Director

  • Denise Thean

    Non-Executive Director

Management Team

Annual Report

2018  2017  2016 


Publications Description Frequency
RAM Economic Outlook This half-yearly publication provides updates on our short-medium-and long-term outlook on the domestic economy. Half-yearly
RAM Views Features comments on the current issues and events influencing the domestic economy. Ad hoc
Bond Market Monthly A monthly snapshot of the performance of the Malaysian primary fixed-income market Monthly
Economic Insight This publication aims to set the scene ahead of major economic data releases (on inflation and trade, among others), with specialised analyses and forecasts. Monthly
Publications Description Frequency
CreditPulse RAM Ratings’ CreditPulse encompasses our outlook on the credit market and key industries in Malaysia. This annual publication has gained much recognition vis-à-vis our market-shaping opinions. It also provides insights on specific debt issuers within RAM Ratings’ universe, in the context of our views on the prospects of the relevant economic sectors. Annual
Banking Bulletin Unique to the Financial Institution Ratings Group, the annual Banking Bulletin represents RAM Ratings’ commentary on the prospective performance of and outlook on the banking sector. It is essentially a snapshot of the financial institutions within our portfolio, as well as the current issues surrounding the domestic and international banking arenas. The Banking Bulletin has been much sought after since its debut in 2007. Annual
StandPoint Commentary As the name suggests, the StandPoint Commentary offers RAM Ratings’ views on current issues and events pertaining to specific industries in the domestic economy. Released on an ad hoc basis, this publication aims to keep our readers abreast of the latest topics in the market. Ad hoc
Corporate-Default & Ratings-Performance Study Published annually, RAM Ratings’ Corporate-Default & Ratings-Performance Study is renowned for tracking the ratings performance of the Malaysian bond market; it also examines default experience over a 5-year period. In addition, it addresses rated corporates’ credit trends in terms of notched ratings, supported by a comprehensive analysis of rating-migration patterns. This study provides evidence on the consistency and quality of our ratings, and underlines the high standards and analytical rigour that shape our rating decisions. Bi-annual
Rating Criteria & Methodology RAM Ratings’ Rating Criteria & Methodology provides transparency on and a better understanding of our rating approach, methodology and criteria, rating factors, and rating policy, among others. As our rating spectrum expands, we will keep you informed of our new criteria and methodology. Ad hoc
Quarterly results commentaries Consistent with RAM Ratings’ monitoring process for all our rated debt issues, the Quarterly Commentary provides an updated performance review and outlook on the public-listed entities within our portfolio. As and when quarterly results are published
RAM League Tables Released on a quarterly basis, the RAM League Tables feature lead managers’ league tables for corporate bonds and sukuk issues, in terms of both programme value and number of issues. At the same time, there will be a summary of activity in the rated bond market during that specific period. Quarterly
Sukuk Snapshot Sukuk Snapshot is designed as a quick reference point for sukuk data and trends. This monthly publication aims to serve the needs of market practitioners, enabling them to monitor global and Malaysian sukuk market developments. Quarterly
Sukuk Reflections Sukuk Reflections is a publication to showcase trending topics or ideas from leading industry experts and is aimed at catalysing thought leadership by combining RAM’s expertise in rating sukuk. Ad hoc
Banking Sector Assessments The Banking System Assessment report conveys RAM Ratings’ outlook on a country’s banking sector, and is aimed at providing a more comprehensive perspective on our rating actions on banks. It examines a banking industry’s financial metrics (i.e. asset quality, capitalisation, funding and liquidity position, and profitability indicators), regulatory environment, structural risks and growth prospects, as well as the risk appetites of market participants. Ad hoc
Asset Monitoring Report A half-yearly summary report for investors of securitized transactions, detailing monthly performance of the underlying asset portfolio and rated notes. Half-yearly