RAM Ratings upgrades ratings of five entities under new master criteria for assessing group support and GLEs

Published on 29 Apr 2025.

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RAM Ratings has upgraded the ratings of five entities as a result of its new master criteria for assessing group supported ratings, released in October 2024. The new criteria will affect government-linked entities (GLEs) and corporates or financial services companies that are part of a larger group. 

The new master criteria combines previously separate criteria for corporates and financial institutions as well as extends the coverage to insurance/takaful companies. The revision was prompted by RAM’s periodic review to ensure its criteria remain relevant to reflect and meet current industry developments. 

Specifically, the new master criteria for group support introduced several key changes, further refining RAM’s analytical approach to assessing intra-group support. The criteria also provides clarity on any rating constraints arising from linkages between a stronger-rated subsidiary and its weaker parent. The upgraded ratings for the five entities are listed below. The ratings of 17 other entities reviewed under the new master criteria for group structure rating links were affirmed.

Click here for the master criteria and here for the entities’ media releases.

 

Analytical contacts
Karin Koh, CFA
(603) 2708 8237
karin@ram.com.my

Chan Yin Huei
(603) 2708 8296
yinhuei@ram.com.my

Siew Suet Ming
(603) 2708 8308
suetming@ram.com.my

Media contact
Sakinah Arifin
(603) 2708 8212
sakinah@ram.com.my

 

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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