RAM Ratings withdraws rating of Cagamas’ RM20 billion Islamic and Conventional Commercial Papers Programmes

Published on 27 Jun 2022.

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RAM Ratings has received confirmation that Cagamas Berhad fully redeemed its combined RM20 billion Islamic and Conventional Commercial Papers Programmes (2015/2022) before the expiry date of 24 June 2022. Consequently, we have withdrawn the P1 ratings of the facilities and no longer have any rating obligation in respect of them.

We will, however, maintain surveillance of Cagamas’ remaining outstanding programmes listed below:



Cagamas Berhad

  • Corporate Credit Ratings



  • RM60 billion Islamic/Conventional Medium-Term Notes Programme (2007/2067)






Cagamas Global P.L.C.

  • USD2.5 billion Multicurrency MTN Programme



Cagamas Global Sukuk Berhad

  • USD2.5 billion Multicurrency Sukuk Issuance Programme




Analytical contacts
Kaylee Chiah
(603) 3385 2515

Lim Chern Yit
(603) 3385 2528


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
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