[RAM] RAM Ratings affirms AA2/Stable rating of Poseidon's First Tranche Senior MTN

RAM Ratings has affirmed the AA₂/Stable rating of Poseidon ABS Berhad’s (Poseidon or Issuer) First Tranche Senior Medium-Term Notes (MTN) (see table). Poseidon is a trust-owned special-purpose vehicle incorporated to facilitate the securitisation of Buy Now Pay Later receivables, marketed under the SPayLater name, and originated through Shopee e-commerce platform by SeaMoney Capital Malaysia Sdn Bhd (SCM or the Originator).



The rating affirmation reflects credit support afforded by the receivables portfolio securing the First Tranche MTN, as reflected in the OC ratio. During the review period, the securitised portfolio performed within the predetermined trigger levels. All relevant transaction covenants were comfortably met. 

As at 14 September 2024, the cumulative default rate since issuance stood at 1.15%, significantly below the 20% trigger level. The two-month moving average collection rate of 111.72% and OC ratio of 48.88% were well above the respective trigger levels of 90% and 15%. Since issuance, the Issuer has purchased RM1.33 bil of additional receivables (by outstanding principal) while maintaining OC above the minimum required level. The transaction allows for the purchase of new receivables during the revolving period (up to 3 August 2025), provided that the minimum OC requirement of 37.61% is met. We have maintained our stressed default assumption following a review of SCM’s updated static pool performance that showed no material changes in default/delinquency performance. 


Analytical contacts
Liew Kar Ling
(603) 3385 2586
karling@ram.com.my

Lim Chern Yit
(603) 3385 2528
chernyit@ram.com.my

Media contact 
Sakinah Arifin 
(603) 3385 2500 
sakinah@ram.com.my