RAM Ratings withdraws ratings of AEON Credit Service’s RM1 billion ICP Programme following maturity

Published on 16 Aug 2022.

Share Tweet Email

RAM Ratings has withdrawn the P1 ratings of AEON Credit Service (M) Berhad’s (the Group) RM1.0 billion Islamic Commercial Papers Programme (2015/2022) which matured on 12 August 2022. We have received confirmation that there was no outstanding sukuk at the point of maturity. As such, we no longer have any rating obligation in respect of the facility. 

We will maintain surveillance of the Group’s other sukuk programmes, as follows:

Table 1: AEON Credit Service (M) Berhad



  1. RM2.0 billion Sukuk Programme (2020/2120)
  • Senior Sukuk Wakalah
  • Subordinated Sukuk Wakalah
  1. Proposed RM1.0 billion Islamic Commercial Papers Programme (2022/2029)





Analytical contacts
Chan Yin Huei
(603) 3385 2498

Jeremy Noel Paul 
(603) 3385 2556


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 2022 by RAM Rating Services Berhad

Ratings on AEON Credit Service (M) Berhad