RAM Ratings releases FAQ on Credit Ratings for Investment Notes

Published on 01 Jul 2024.

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RAM Ratings is the sole credit rating agency appointed by Bursa Malaysia RAM Capital Sdn Bhd (BR Capital) to perform credit assessments on the investment notes hosted and issued on the latter’s debt fundraising and investing platform. BR Capital is a recognised market operator registered with the Securities Commission Malaysia. The platform provides an additional fundraising avenue for eligible issuers which include listed and unlisted small to mid-tier companies.

Given the issuer segment targeted by BR Capital, RAM Ratings has introduced a new rating scale for the investment notes. The new rating scale comprises nine grades, from R1 (strongest credit/lowest risk) to R9 (weakest credit/highest risk), and a ‘D’ rating which is assigned upon default. 

To provide clarity for the investing community, RAM Ratings has published an FAQ on its credit ratings for the investment notes. This document can be found under the ‘Criteria & Methodology’ section at https://www.ram.com.my/ratings.

BR Capital was incorporated on 27 December 2022 and is a joint venture, with Bursa Malaysia Berhad holding 51% equity interest and RAM Holdings Berhad holding the remaining 49% equity interest. RAM Ratings is a wholly-owned subsidiary of RAM Holdings Berhad.


Analytical contacts
Chan Yin Huei
(603) 3385 2498

Chong Kwee Siong
(603) 3385 2622

Media contact
Sakinah Arifin
(603) 3385 2500


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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