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RAM Ratings upgrades ratings of Poseidon’s Second and Third Tranche Senior MTN
Published on 06 Nov 2025.
RAM Ratings has upgraded the ratings of Poseidon ABS Berhad’s (Poseidon or Issuer) Second and Third Tranche Senior Medium-Term Notes (MTN) (see table).
Poseidon is a trust-owned special-purpose vehicle incorporated to facilitate the securitisation of receivables originated by Monee Capital Malaysia Sdn Bhd (MCM) (formerly known as SeaMoney Capital Malaysia Sdn Bhd) under a RM3.5 bil asset-backed MTN programme. The Second and Third Tranche MTN are each secured against a portfolio of Buy Now Pay Later (BNPL) receivables that are marketed under the SPayLater name.
The rating upgrades are supported by the sustained improvement in performance of MCM’s BNPL portfolio and the securitised receivables under both the Second and Third Tranches. This is reflected in lower default and delinquent rates observed in the updated static pool data and OC levels consistently exceeding 45% (the minimum required threshold for Junior MTN coupon payments). In view of the improved receivables performance and reduced concerns over the inflationary impact of subsidy rationalisation, we have revised the base-case default assumptions downwards in our cash flow analysis.
RAM expects the OC levels to remain comfortably supportive of an AA1 rating throughout the remaining duration of the respective transaction’s revolving period, as the structural terms only allow release of OC that exceeds 45%.
The ratings are moderated by the dynamic nature of the BNPL industry and evolving underwriting practices, which may influence future performance of the securitised receivables. These risks are partially mitigated by the transaction’s eligibility criteria, which help preserve asset quality. The Consumer Credit Act 2025 may introduce new compliance requirements that could affect MCM’s origination volumes or underwriting practices, with potential implications for portfolio growth and credit performance. We will continue to monitor developments in this regard and reassess the ratings should material changes arise.
Analytical contacts
Joel Thum
(603) 2708 8232
joel@ram.com.my
L Nurisya Abdullah
(603) 2708 8238
nurisya@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
© Copyright 2025 by RAM Rating Services Berhad
Rating Rationale: Poseidon ABS Berhad Second Tranche
