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RAM Ratings assigns final ratings to Al-Salam REIT’s maiden Guaranteed Senior and Perpetual Sukuk
Published on 13 Nov 2025.
RAM Ratings has assigned final ratings of AAA(fg)/Stable to Al-Salam Real Estate Investment Trust’s (Al-Salam or the REIT) Guaranteed Senior Sukuk Tranche of up to RM500 mil (Guaranteed Tranche) and A3(s)/Stable to the Subordinated Perpetual Sukuk of up to RM500 mil (Perpetual Sukuk), both to be issued by ALSREIT Capital Sdn Bhd (the Issuer), a wholly owned funding vehicle of the REIT. The issuances are part of the REIT’s RM3 bil Senior Sukuk Wakalah and/or Subordinated Perpetual Sukuk Wakalah Programme (Sukuk Wakalah Programme).
In assigning the final ratings, we reviewed all relevant transaction documents and found them to be consistent with RAM’s expectations when the preliminary ratings were assigned on 19 September 2025.
The Guaranteed Tranche rating is enhanced by an irrevocable and unconditional guarantee from Credit Guarantee and Investment Facility (rated AAA/Stable/P1 by RAM), while the rating of the Perpetual Sukuk is notched down from the REIT’s long-term corporate credit rating to reflect its subordinated position and the risk of profit cancellation.
Please refer to the rating rationale for more details.
Analytical contacts
Lim Chern Yit
(603) 2708 8302
chernyit@ram.com.my
Darrel Tiang
(603) 2708 8219
darrel@ram.com.my
Media contact
Sakinah Arifin
(603) 2708 8212
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.
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
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