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Overview

RAM Rating Services Berhad (RAM Ratings) is the leading and largest credit rating agency in Malaysia and South-East Asia (ASEAN). Renowned for our independent and insightful views, our credit ratings and assessments are highly regarded in both the domestic and regional markets, and are used by investors and market participants to make sound decisions.

Established in 1990 by the central bank of Malaysia as part of the “institutional infrastructure” to support the development of Malaysia’s bond market, we have rated close to USD270 billion of bonds issued by over 800 entities based in Malaysia and 13 other countries. Our rating portfolio encompasses corporates, sovereign nations, financial institutions, insurance companies, project finance and structured finance obligations.

RAM Ratings is also the world’s leading rating agency for securities issued under Islamic principles, or sukuk. Our vast experience and contributions in the fast-growing sukuk market has won us numerous awards, including the Best Islamic Rating Agency award in 2016 by Islamic Finance News (IFN).

Accredited by the Tokyo Stock Exchange for listings on the Japanese Pro-Bond Market, RAM Ratings also offers ratings on the ASEAN and global rating scales, in addition to the Malaysian national scale. Equipped with an intimate understanding of the dynamics of the region, our ASEAN and global ratings are designed to meet the needs of investors keen to capitalise on the potential of the regional bond markets.

On 26 May 2016, RAM joined the line-up of pioneer credit rating agency signatories to the United Nations-supported Principles for Responsible Investment’s  Statement on Environment, Social and Governance (ESG) in Credit Ratings. The Statement on ESG in Credit Ratings is a way for RAM Ratings to communicate our commitment to a more systematic and transparent incorporation of ESG into credit ratings and analysis.

RAM Ratings is a wholly owned subsidiary of RAM Holdings Berhad. Our ultimate shareholders comprise major financial institutions in Malaysia, McGraw-Hill Asian Holdings (Singapore) Pte Ltd and Fitch Ratings Limited.

Regulatory Disclosures

Corporate Default and Ratings Performance Study: Definition of Default

Consistent with other international studies on corporates’ ratings performance, RAM Ratings’ study focuses on the historical behaviour of the issuer’s corporate credit rating, and is independent of the number and size of rated debt papers issued. The corporate credit rating is RAM Ratings' current opinion on the overall capacity of an entity to meet its financial obligations. The opinion is not specific to any particular financial obligation, as it does not take into account the expressed terms and conditions of any specific financial obligation.

For our purposes of constructing RAM Ratings' annual corporate default study and ratings performance review, we have defined an event of default to include the following:

  1. A missed interest and/or principal payment, which is not remedied within the grace period.
  2. The legal insolvency or bankruptcy of the issuer.
  3. Failure to honour the corporate-guarantee obligations provided to subsidiaries.
  4. A distressed exchange in which the bondholders are offered a substitute instrument with inferior terms (e.g. extended maturities, lower coupons or diminished security packages).

Structured Finance Ratings Default and Annual Migration Study: Definition of Default

RAM Ratings’ annual migration and default study on structured finance ratings tracks the individual tranche ratings (defined as a class of pari passu-ranking securities within the same rating category) and are used as the underlying unit of study when reviewing the ratings performance of structured issues. An issue rating is RAM Ratings' current opinion on the creditworthiness of a particular debt issue. It reflects the overall capacity and willingness of an issuer to meet the financial obligations on a particular debt issue on a full and timely basis, taking into account its expressed terms and conditions.

For our purposes of constructing RAM Ratings' annual structured finance default study and ratings performance review, a default event and material impairment on structured securities is defined as any of the following:

  1. Any principal shortfall or principal write-down suffered and not reversed by the legal final maturity, as promised.
  2. A missed (promised) payment on interest obligations that do not have any deferrable or curable feature.
  3. Sustained periods of interest shortfalls despite the presence of deferrable and curable features, which are deemed to be unremedied and unrecoverable.
  4. The filing of bankruptcy proceedings or the insolvency, receivership, liquidation, winding up or cessation of the issuer's business.
  5. A distressed exchange where the bondholders are offered a substitute instrument with structurally or economically inferior terms (e.g. significantly extended maturities, lower coupons, further subordination in ranking or reduction in structural protection through the removal of termination events or protective triggers).

List of Defaults By Rating Category in a Financial Year

Note: 
1. Issue value refers to the rated facility amount of the instrument 
2. Value for Commercial Paper / Medium-Term Notes Programme is accounted for under its' respective long-term rating

Issuer Issue Value (RM Mil.) Instrument Name Industry Sector Date Announced Rating Rating Action

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Issuer Issue Value (RM Mil.) Instrument Name Industry Sector Date Announced Rating Rating Action

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Issuer Issue Details/ Description Industry Description Scheduling Rating Announcement Revised Scheduled Announcement Remark

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