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RAM Ratings upgrades Poseidon’s Second Tranche Senior MTN to AAA
Published on 30 Jul 2026.
RAM Ratings has upgraded the rating of Poseidon ABS Berhad’s (Poseidon) Second Tranche Senior Medium-Term Notes (MTN) to AAA/Stable from AA1/Stable, reflecting the transaction's strengthened credit profile and fully cash-backed position. The MTNs were issued under a RM3.5 bil asset-backed MTN programme, secured by Buy Now Pay Later receivables originated by Monee Capital Malaysia Sdn Bhd (MCM) and marketed under the SPayLater brand.
The upgrade reflects the transaction’s fully cash-backed position, following the transaction’s transition into the Controlled Amortisation Period and the commencement of scheduled principal repayments after the end of the Revolving Period on 17 April 2026. As at 20 June 2026, half of the initial Senior MTN issuance amount had been redeemed, reducing the outstanding Senior MTN balance to RM175 mil. Cash balances and permitted investments stood at RM254.6 mil, providing more than sufficient coverage for the remaining Senior MTNs principal and coupon obligations through to the final scheduled principal repayment.
Portfolio performance has remained strong since issuance, with all transaction covenants and performance triggers comfortably met. The overcollateralisation ratio had risen to 102.1% as at 20 June 2026 from an initial 45.1%, well above the transaction’s 20% trigger threshold. Given the transaction’s fully cash-backed position, repayment is no longer dependent on collections from the underlying receivables. The remaining RM175 mil Senior MTN is therefore expected to be fully redeemed by 18 August 2026 as scheduled.
Poseidon is a trust-owned special-purpose vehicle incorporated to facilitate the securitisation of receivables originated by MCM. RAM’s review of the Third to Fifth Tranche MTN is ongoing, the outcome of which will be announced upon completion.
Analytical contacts
Tan Yan Choong
(603) 2708 8256
yanchoong@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.
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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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