[RAM] RAM Ratings affirms AA3/P1 ratings on Bermaz's Islamic programmes; outlook stable

RAM Ratings has affirmed the AA₃/Stable and P1 ratings of Bermaz Auto Berhad’s (Bermaz or the Group) Islamic Medium-Term Notes (IMTN) Programme and Islamic Commercial Papers (ICP) Programme (2020/2027). Both issues have a combined limit of RM500 mil.

As at end-October 2025, the Group’s total debt eased to RM225.2 mil, translating to a gearing ratio of 0.32 times, down from 0.43 times. Weaker earnings have weighed on annualised funds from operations debt coverage and operating cashflow debt coverages, which fell to 0.30 times and 0.75 times, respectively. Nevertheless, these metrics remain strong for the current rating. Bermaz remains in a net cash position, supported by cash balances of RM380.48 mil (FY Apr 2025: RM433.74 mil). The Group’s solid financial position, strong liquidity and adequate cashflow generation are expected to sustain resilience during disruptive periods over the near term.


Analytical contact
Lai Jing Wei 
(603) 2708 8239
jingwei@ram.com.my

Thong Mun Wai
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munwai@ram.com.my

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Sakinah Arifin
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