RAM has issued a statement with regards to an article published by MalaysiaNow titled “Storm Brewing In Malaysian Debt Capital Market As New Entity Set To Take Control of RAM Rating Agency”. The rating agency added the article is unsubstantiated and formed without adequate knowledge of the credit rating industry and its operational structure.
CEO, Chris W K Lee commented that RAM Holdings Berhad and its subsidiaries are strictly regulated by the Securities Commission Malaysia and are bound by and unceasingly adhere to the ethics of good governance, transparency and integrity set out in the SC’s Guidelines on the Registration of Credit Rating Agencies and the Capital Markets and Services Act 2007. And that the governance structure and its operational set-up are designed to allay the sort of concerns highlighted in the said article.
He further elaborated that regardless of past, present and future shareholding changes, the integrity and independence of the credit rating agency (“CRA”) have and will continue to be the bedrock of RAM Ratings’ operations – established to serve in the best interest of all bond market participants. Regulated under the Guidelines, these key safeguard measures undertaken in its day-to-day operations attest to these principles.
