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Financial data and information services · subsidiary of CTOS Digital Bhd (55.88% controlling shareholder); operationally under RAM Holdings Berhad (intermediate holding company) · Malaysia

RAM Ratings

ram.com.my ↗

Malaysian credit rating agency, one of two domestic firms licensed to rate bonds and sukuk.

Hard to displace
Assessed 26 July 2026 · Evidence as of 26 July 2026
Strong structural protection; the business model survives ai pressure.
On the recordSince 26 July 2026 · Checkable from Q1-Q2 2026 · Every call on the record Checkpoint: CTOS Digital FY2025/2026 earnings reveal RAM's post-restructuring financial contribution and ownership status
The call

RAM's business depends on a Malaysian licensing rule, not on outcompeting anyone, and that rule has already been loosened once before.

RAM Ratings rates bonds and Islamic bonds in Malaysia and is one of only two companies allowed by the government to do this job. It is hard to replace because the Securities Commission Malaysia requires a special license to rate bonds, and the Big Three rating companies (S&P, Moody's, and Fitch) decided to buy pieces of RAM instead of starting their own rating business in Malaysia; meanwhile, AI can help write analysis but cannot get the government license or take legal responsibility for ratings. The one thing to watch is that RAM Holdings is going through ownership changes in 2025 and 2026, which could shuffle who works there and how the company reports its numbers, though this probably will not weaken the government protection that keeps RAM in business.

Why
01
AI pressure: None apparent. AI can draft rating writeups and crunch financials, but it cannot hold a Securities Commission license or carry legal liability for a rating. Could AI do the core job? Unlikely.
02
Bigger players: S&P Global Ratings / Moody's Investors Service. S&P owns 19% of RAM instead of competing with it; Moody's holds a similar stake in rival MARC. Both chose ownership over entry. Could a giant copy it? No, they are blocked.
03
What protects it. Securities Commission Malaysia recognizes only RAM and MARC to rate bonds and sukuk, and liability for a rating requires that license.
What would change this call
Securities Commission Malaysia further loosens mandatory bond/sukuk rating requirements. Would weaken the regulatory moat protecting RAM's duopoly with MARC.
CTOS Digital FY2025/2026 filings show sale, spin-off, or material downsizing of RAM Holdings. Would signal RAM's ownership structure is being unwound, not just reclassified.
Securities Commission Malaysia grants recognition to a foreign rating agency for domestic issuances. Would end the two-agency (RAM/MARC) licensing exclusivity.
Key numbers
  • USD205B in rated sukuk across 620+ issuances (2020-06-30)
  • FY2020 revenue RM40M, profit after tax RM8.4M (2020-12-31)
  • S&P Global holds about 19.2% of RAM via a Singapore affiliate (2026-07-10)
Named risks
  • Securities Commission Malaysia could further deregulate mandatory bond/sukuk rating rules, as it did January 2017. Severity: high
  • CTOS Digital ownership restructuring of RAM Holdings ongoing into FY2025 filings creates governance uncertainty. Severity: medium
  • Bank Negara Malaysia's interim health insurance repricing measures expire end-2026, pressuring rated insurers. Severity: low
  • CTOS Digital's pioneer tax incentive expires November 2026, affecting group-level financial strategy around RAM. Severity: low
Rivals, as read in July 2026
RivalDirectionEvidence
MARC (Malaysian Rating Corporation Berhad)contestingOnly other SC-recognized domestic agency, self-reported 73.6% rating accuracy 1998 to 2022
S&P Global RatingscontestingChose 19.2% minority stake in RAM since 2004 rather than compete directly in ringgit ratings
Moody's Investors ServicecontestingHolds roughly 19% of MARC, RAM's domestic duopoly partner, as of May 2023
Questions people ask
Is RAM Ratings profitable?
Yes. RAM Holdings Berhad reported FY2020 revenue of RM40 million and profit after tax of RM8.4 million, with total assets of RM188 million and net assets of RM167.2 million, per CTOS Digital's stake-purchase disclosure dated FY2020-12-31.
Who owns RAM Ratings?
CTOS Digital Bhd became majority owner, holding 55.88% of RAM Holdings by September 2022 after building its stake from 4.6% in July 2021. S&P Global has held roughly 19.2% since a 2004 affiliation.
Could AI replace RAM Ratings?
Unlikely. AI can draft templated rating rationale and crunch financial ratios, but only Securities Commission Malaysia-recognized agencies can hold rating-committee liability for mandatory bond and sukuk ratings, a legal moat AI cannot substitute as of 2026.
Who is RAM Ratings' biggest competitor?
Malaysian Rating Corporation Berhad (MARC), established 1995 to 1996, is the only other Securities Commission-recognized domestic rating agency, forming a regulated duopoly with RAM in Malaysia's bond and sukuk market.
When was RAM Ratings founded?
RAM was established in November 1990 by Bank Negara Malaysia, Malaysia's central bank, to act as a catalyst for developing the country's domestic bond market, per Bank Negara's Financial Markets portal, checked July 2026.
Who is the CEO of RAM Ratings?
Julie Ng is cited as CEO of RAM Ratings as of July 2026, per a RAM press release dated 2026-07-17 announcing a partnership with V Systems on the NexA digital trade-finance platform.
Timeline
  • 2026-07-22RAM updates rating criteria for the telecommunications sector
  • 2026-07-17RAM partners with V Systems to embed ratings into NexA digital trade-finance platform
  • 2026-07-08RAM maintains stable outlook on Malaysia's insurance and takaful sector
  • 2026-01-30CTOS Digital issues FY2026 guidance of RM95m to RM100m per Kenanga Research
  • 2025-12-31CTOS filings reference gain on disposal and restructuring costs tied to RAM Holdings
  • 2022-09-30CTOS Digital becomes majority shareholder of RAM Holdings at 55.88%
  • 2022-06-09RAM shareholders remove 20% single-shareholder cap after SC approval
  • 2021-07-07Julie Ng appointed deputy CEO and Siew Suet Ming chief rating officer at RAM
  • 2017-01-01Malaysia removes mandatory bond-rating requirement
  • 1990-11RAM established by Bank Negara Malaysia to catalyze the domestic bond market
Revision history
26 July 2026
First assessed. Hard to displace. The text above is fixed as of this date and is not edited afterwards.
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Sources