RAM Ratings withdraws preliminary ratings for Axis REIT Sukuk Berhad’s proposed RM105 mil Sukuk

Published on 21 Dec 2021.

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RAM Ratings has received confirmation from the sponsor, Axis Real Estate Investment Trust (Axis-REIT), that its funding conduit - Axis REIT Sukuk Berhad – had sought alternative financing and will not proceed with its proposed RM105 mil Sukuk (refer to table). We have therefore withdrawn the preliminary ratings of the proposed sukuk and no longer have any rating obligation in respect of it.

Proposed Sukuk

Preliminary Ratings/

Issue Amount
(RM mil)

Class A



Class B



Class C



Class D







Proceeds from the proposed Sukuk were intended to be utilised for Axis-REIT’s own purposes, including to repay its existing credit facilities and to pay incidental costs and expenses relating to the proposed Sukuk. We currently maintain rating surveillance for its RM110 mil First Sukuk (see www.ram.com.my for more details).


Analytical contacts
Liew Kar Ling
(603) 3385 2586

Tan Han Nee
(603) 3385 2529


The credit rating is not a recommendation to purchase, sell or hold a security, inasmuch as it does not comment on the security’s market price or its suitability for a particular investor, nor does it involve any audit by RAM Ratings. The credit rating also does not reflect the legality and enforceability of financial obligations.

RAM Ratings receives compensation for its rating services, normally paid by the issuers of such securities or the rated entity, and sometimes third parties participating in marketing the securities, insurers, guarantors, other obligors, underwriters, etc. The receipt of this compensation has no influence on RAM Ratings’ credit opinions or other analytical processes. In all instances, RAM Ratings is committed to preserving the objectivity, integrity and independence of its ratings. Rating fees are communicated to clients prior to the issuance of rating opinions. While RAM Ratings reserves the right to disseminate the ratings, it receives no payment for doing so, except for subscriptions to its publications.

Similarly, the disclaimers above also apply to RAM Ratings’ credit-related analyses and commentaries, where relevant.

Published by RAM Rating Services Berhad
© Copyright 2021 by RAM Rating Services Berhad

Ratings on Axis REIT Sukuk Berhad (Fourth Sukuk)