RAM Ratings assigns final AA2 rating to SeaMoney Capital’s maiden BNPL securitisation via Poseidon

Published on 02 Aug 2023.

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RAM Ratings has assigned a final rating of AA2/Stable to the RM218.0 mil First Tranche Senior Class A Medium-Term Notes (Senior MTN) to be issued under Poseidon ABS Berhad (Poseidon or Issuer)’s RM3.5 bil asset-backed MTN programme. 

The Issuer is a trust-owned special-purpose vehicle incorporated to facilitate the securitisation of receivables originated by SeaMoney Capital Malaysia Sdn Bhd (SCM). SCM mainly offers Buy Now Pay Later (BNPL) financing under SPayLater on the Shopee e-commerce platform.

In assigning the final rating, we have considered the latest securitised pool based on the cut-off date of 18 July 2023, final coupon rates, credit enhancement, the transaction structure and legal and tax opinions. Overall, we are satisfied that all relevant transaction documents reviewed are substantially in line with our assessment when the preliminary rating was assigned, published on 19 January 2023 (click here), which includes a minor change in the eligibility criteria and inclusion of a reopening clause. Please refer to our final rating rationale for further details. 

Upon issuance of the Senior MTN, RAM will maintain surveillance of the transaction via monthly performance reports prepared by the Servicer and the Security Trustee. We will monitor the rating as long as there are outstanding rated notes under the programme.


Analytical contacts
L Nurisya Abdullah
(603) 3385 2492

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.

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