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RAM Ratings assigns AA1 rating to Poseidon’s Fifth Tranche Senior MTN
Published on 24 Dec 2025.
RAM Ratings has assigned an AA1/Stable rating to the RM350.0 mil Fifth Tranche Senior Medium-Term Notes (Senior MTN) to be issued under Poseidon ABS Berhad’s RM3.5 bil asset-backed MTN programme (the Programme). The Senior MTN will be backed by a portfolio of Buy Now Pay Later (BNPL) receivables originated through the Shopee platform by Monee Capital Malaysia Sdn Bhd (MCM) (formerly SeaMoney Capital Malaysia Sdn Bhd).
A trust-owned special-purpose vehicle, Poseidon facilitates the securitisation of receivables originated by MCM. The BNPL receivables are marketed under the SPayLater name. Four other MTN tranches are currently outstanding under the Programme.
Proceeds from the Senior MTN and RM159.0 mil of unrated Junior MTN (collectively, the Fifth Tranche MTN), will fund the purchase of RM498.1 mil of eligible receivables from MCM. Upfront issuance expenses and liquidity reserves will be prefunded from proceeds of the MTN. The Junior MTN are subordinated to the Senior MTN in payment priority and will be subscribed by an entity within Sea Limited, MCM’s ultimate holding company.
The structure and terms of the Fifth Tranche MTN mirrors earlier tranches, with no material changes to MCM’s business strategy or credit policies. The loss performance of MCM’s BNPL receivables continued to improve in 2024 through to September 2025. Nonetheless, we remain cautious of ongoing macro headwinds like the soon to be enacted Consumer Credit Act and inflationary pressures on spending power.
Based on cashflow simulations, the minimum required overcollateralisation (OC) of 40.0% provides adequate credit support for an AA1 rating. Junior MTN coupon payments are discretionary, provided the required build-up conditions are met and the OC floor is maintained post-payment of such coupons, allowing efficient release of excess credit support. Consequently, buffers for underperformance may be more limited under the Fifth Tranche, though MCM could inject additional funds into the transaction through issuance of additional Junior MTN or redeemable preference shares, if required. During rapid or controlled amortisation, Junior MTN coupon payments will be suspended until all Senior MTN are fully redeemed.
We will monitor the transaction through monthly reports from the Servicer and Security Trustee and keep the rating under surveillance for as long as rated notes remain outstanding.
Analytical contacts
Joel Thum
(603) 2708 8232
joel@ram.com.my
Lim Chern Yit
(603) 2708 8302
chernyit@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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