RAM Ratings withdraws UMW’s sukuk ratings

Published on 18 Oct 2021.

Share Tweet Email

RAM Ratings has withdrawn the AA2/Stable rating of UMW Holdings Berhad’s (UMW or the Group) RM2 bil Islamic Medium Term Notes Programme (2013/2028) as well as the A1/Stable rating of its RM2 bil Perpetual Sukuk Programme, at the request of the issuer. As such, we no longer have any rating obligations in respect of these programmes. RAM last reaffirmed the ratings on 30 July 2021. 


Analytical contacts
Karin Koh, CFA
(603) 3385 2508

Thong Mun Wai
(603) 3385 2522


The credit rating is not a recommendation to purchase, sell or hold a security, inasmuch as it does not comment on the security’s market price or its suitability for a particular investor, nor does it involve any audit by RAM Ratings. The credit rating also does not reflect the legality and enforceability of financial obligations.

RAM Ratings receives compensation for its rating services, normally paid by the issuers of such securities or the rated entity, and sometimes third parties participating in marketing the securities, insurers, guarantors, other obligors, underwriters, etc. The receipt of this compensation has no influence on RAM Ratings’ credit opinions or other analytical processes. In all instances, RAM Ratings is committed to preserving the objectivity, integrity and independence of its ratings. Rating fees are communicated to clients prior to the issuance of rating opinions. While RAM Ratings reserves the right to disseminate the ratings, it receives no payment for doing so, except for subscriptions to its publications.

Similarly, the disclaimers above also apply to RAM Ratings’ credit-related analyses and commentaries, where relevant.

Published by RAM Rating Services Berhad
© Copyright 2021 by RAM Rating Services Berhad

Ratings on UMW Holdings Berhad