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RAM Ratings upgrades Exsim Capital’s Tranche 3 IMTN to AAA/Stable on full cash-backed position
Published on 28 Mar 2025.
RAM Ratings has upgraded the rating of Exsim Capital Resources Berhad’s (Exsim Capital or Issuer) RM300 million Tranche 3 IMTN (2022/2026) to AAA/Stable from AA3/Stable.
The rating action reflects the fully cash-backed position of the transaction. This follows the delivery of vacant possession (VP) to home buyers of D’Erica Residences – securitised under the Tranche 3 IMTN – after the completion of the project’s construction and issuance of the Certificate of Completion and Compliance (CCC) and the Certificate of Practical Completion in February 2025. The respective certifications were obtained eight and seven months ahead of the legal CCC/VP and expected maturity dates. With this, the transaction is no longer exposed to construction risks.
As at 19 March 2025, the transaction’s total cash balances of RM276 million exceeds the outstanding Tranche 3 IMTN principal and profit payments up to the expected maturity date of 4 September 2025. Of this, RM239 mil have been transferred to the Issuer’s Escrow Account to meet obligations of Tranche 3 IMTN when due. The remaining RM37 mil in the Housing Development Account is sufficient to meet outstanding construction-related costs of RM21 mil up to expected maturity. No cost overrun was noted.
Tranche 3 IMTN was issued under Exsim Capital’s RM2 bil Sukuk Musharakah Programme, which was established to monetise progress billings originated from identified development projects of Exsim Development Sdn Bhd or its subsidiaries. To date, there are three other outstanding tranches under the programme.
Analytical contacts
Loh Kit Yoong
(603) 3385 2493
kityoong@ram.com.my
Lim Chern Yit
(603) 3385 2528
chernyit@ram.com.my
Media contact
Sakinah Arifin
(603) 3385 2500
sakinah@ram.com.my
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.
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Similarly, the disclaimers above also apply to RAM Ratings’ credit-related analyses and commentaries, where relevant.
Published by RAM Rating Services Berhad
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