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RAM Ratings upgrades Poseidon’s Third Tranche Senior MTN to AAA; affirms Fourth and Fifth Tranches
Published on 21 Oct 2026.
RAM Ratings has upgraded the rating of Poseidon ABS Berhad’s (Poseidon) Third Tranche Senior MTN to AAA from AA1, while affirming the ratings of the Fourth and Fifth Tranche Senior MTN at AA2 and AA1, respectively (see table). All the ratings carry stable outlooks.
The rating actions reflect the resilient performance of the underlying SPayLater Buy Now Pay Later (BNPL) receivables and sufficient OC levels to support the respective ratings. Portfolio performance has remained within or exceeded our expectations.
The upgrade of the Third Tranche Senior MTN is driven by sustained OC above RAM’s AAA benchmark, coupled with stronger than expected receivables performance and improved cash flow visibility as the transaction approaches the end of its revolving period in February 2027. The structural restriction to maintain a minimum OC of 45% post-Junior MTN distributions further supports our expectation that credit enhancement will remain supportive of the AAA rating and ensure timely repayment of the Senior MTN by maturity.
While the operating environment remains supported by greater regulatory clarity following the enactment of the Consumer Credit Act, we will continue to monitor risks associated with cost-of-living pressures, evolving BNPL market dynamics and the increasing share of offline financing transactions. Structural safeguards and portfolio eligibility criteria help maintain asset quality.
Poseidon is a trust-owned special-purpose vehicle established to securitise receivables originated by Monee Capital Malaysia Sdn. Bhd. under a RM3.5 bil asset-backed MTN programme. The Third, Fourth and Fifth Tranches are backed by separate portfolios of SPayLater BNPL receivables.
Analytical contacts
Zahra Zarir
(603) 2708 8243
zahra@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 2026 by RAM Rating Services Berhad
Rating Rationale: Poseidon ABS Berhad Tranche 3
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