RAM Holdings Berhad (RAM Group) is a leading provider of independent credit ratings, research, training, risk analysis, ESG analytics and bond pricing. 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.

In 2007, our rating operations were novated to a newly formed subsidiary, RAM Rating Services Berhad. Apart from credit ratings, the RAM Group also offers myriad solutions ranging from economic and debt market research, data & analytics and sustainability services. 

Underscored by over 30 years’ expertise in credit analysis, risk management, economics and industry research, our wholly owned unit, RAM Sustainability Sdn Bhd, delivers innovative solutions to companies. In 2016, RAM Sustainability commenced offering Sustainability Ratings, a tool and framework that measure companies’ environmental, social and governance (ESG) 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 six major Islamic banks in Malaysia, the IAP is a strategic initiative of the Islamic finance industry.

Meanwhile, Bond Pricing Agency Malaysia Sdn Bhd - an associate of RAM Holdings - is the sole provider of bond-pricing and valuation data on the Malaysian bond market.

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 as well as market participants to make sound business decisions.

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RAM Sustainability Sdn Bhd

Established on 31 May 2000, RAM Sustainability (formerly known as RAM Consultancy Services Sdn Bhd) has carved a reputation in economic advisory, risk management, strategic business consultancy, debt restructuring and project advisory services. 

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RAM Solutions Sdn Bhd

Incorporated on 12 April 2016, RAM Solutions is the provider of credit opinions on ventures listed on the IAP - the multi-bank investment portal that facilitates the channelling of funds from investors to 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 462,500 4.625
9 Deutsche Bank (Malaysia) Berhad 80,000 0.800
10 Hong Leong Bank Berhad 580,000 5.800
11 HSBC Bank Malaysia Berhad 350,000 3.500
No.  Shareholders of RAM      No. of Shares  % of Shares
12 OCBC Bank (Malaysia) Berhad 350,000 3.500
13 Oscar Matrix Sdn Bhd 1,990,000 19.900
14 MUFG Bank (Malaysia) Berhad 210,000 2.100
15 Public Bank Berhad 532,500 5.325
16 RHB Bank Berhad 885,000 8.850
17 S&P Global Asian Holdings Pte Ltd 1,920,000 19.200
18 Standard Chartered Bank Malaysia Berhad 350,000 3.500
19 United Overseas Bank (Malaysia) Berhad 420,000 4.200
  Total 10,000,000 100.000

Board of Directors

  • YBhg Tan Sri Amirsham A Aziz


  • Mr Chris W.K. Lee

    Group CEO / Executive Director

  • YBhg Datuk Kamaruddin Taib

    Non-Executive Director

  • Mr Christopher Leong Sau Foo

    Non-Executive Director

  • YBhg Tan Sri Amirsham A Aziz


  • Mr Chris W.K. Lee

    Executive Director

  • YBhg Datin Mariam Prudence Binti Yusof

    Non-Executive Director

  • Mr Fong Seow Kee

    Non-Executive Director

  • YBhg Dato’ Lee Kok Kwan

    Non-Executive Director

  • Mr Promod Dass


  • Pn Nazela Ahmad

    Non-Executive Director

  • Mr Chong Kwee Siong


  • Ms Denise Thean

    Non-Executive Director

Management Team

  • Chris W.K. Lee

    Group CEO/Executive Director
    RAM Holdings Berhad

    CEO/Executive Director
    RAM Rating Services Berhad


  • Promod Dass

    Deputy Group Chief Executive Officer
    RAM Holdings Berhad

    CEO/Executive Director
    RAM Sustainability Sdn Bhd


  • Chong Kwee Siong

    Senior General Manager, Group CEO’s Office
    RAM Holdings Berhad

    CEO/Executive Director
    RAM Solutions Sdn Bhd


  • Denise Thean

    Deputy CEO/Chief Rating Officer
    RAM Rating Services Berhad


  • Awang Za'aba Awang Mahmud

    Group Chief Compliance Officer
    RAM Rating Services Berhad


  • Nazela Ahmad

    Company Secretary & Senior General Manager, HR & Administration
    RAM Holdings Berhad


  • Kevin Lim

    Group Chief Financial Officer
    RAM Holdings Berhad


  • Siew Suet Ming

    Technical Director
    RAM Rating Services Berhad


  • Julie Ng

    Senior General Manager, Data Analytics, Economic & Sovereign Research
    RAM Rating Services Berhad


Annual Report

2020  2019  2018 


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 Insight

The annual Banking Insight publication (formerly known as the Banking Bulletin) is highly sought after and represents RAM Ratings’ outlook and thought leadership on the Malaysian banking industry. As the leading provider of financial institution ratings, our deep insights and analysis are underscored by our extensive coverage of the banking sector and broad market experience. This publication also features a separate report for the Islamic series entitled the Islamic Banking Insight.

Banking Scoreboard

Published annually, the Banking Scoreboard facilitates peer comparison of key commercial banks in Malaysia across numerous financial metrics. The financial indicators and data presented allow easy benchmarking among banks, together with trend analysis for each entity. Readers will also find a separate publication for the Islamic banks in Malaysia.

Banking Quarterly Roundup This quarterly commentary provides a snapshot of the average performance of key domestic banking groups. The quick overview encompasses their most recent quarterly results and the overall banking system’s latest financial indicators. Quarterly
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 quarterly 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
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