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RAM Ratings assigns preliminary AA3/Stable rating to Exsim Capital’s Tranche 8 IMTN
Published on 07 Apr 2026.
RAM Ratings has assigned a preliminary AA3/Stable rating to the proposed ASEAN Green SRI Sukuk of up to RM240 mil (Tranche 8 IMTN) under Exsim Capital Resources Berhad’s (the Issuer) RM2 bil Sukuk Musharakah Programme. The Issuer is a wholly owned financing vehicle of Exsim Development Sdn Bhd (Exsim).
The Tranche 8 IMTN will be backed by future receivables from two ongoing property projects: Hanaz Suites @ KL City Centre (awarded GreenRE Gold Provisional Certification) and The Asteriaz @ Kebun Teh, Johor (awarded GreenRE Bronze Provisional Certification). Proceeds from the sukuk will fund the two projects’ remaining construction costs and obligations under both the Tranche 8 IMTN as well as a new RM60 mil unrated Sukuk Murabahah ICP facility (Tranche 8 ICP). The Tranche 8 ICP – to be issued under a new RM1 bil ICP Programme to be established with identical terms and programme limit as the existing programme – will be fully underwritten by an AAA/Stable/P1-rated financial institution, offering liquidity support for cost overruns, working capital needs and shortfalls in IMTN profit payments or senior expenses.
RAM’s cash flow assessment incorporates a 99% take-up rate – a condition precedent for issuance – alongside buyer-default and price-decline post-default stresses commensurate with the rating. A higher default frequency was applied for Hanaz, reflecting its more investor-driven buyer profile (mainly for Airbnb units) compared to Asteriaz which is anticipated to be owner-occupied. Buyer default risk is moderated by the high proportion of end-financing among buyers. RAM’s stress tests also consider construction delays and cost overruns, although these risks are partly mitigated by fixed-price contracts and Exsim’s completion undertaking.
Assuming issuance in April 2026, the transaction has adequate buffers between the projects’ legal completion timelines and the Tranche 8 IMTN’s expected maturity. In a trigger event, the Security Trustee may intervene, with support from the project management company, to manage the Projects and safeguard sukukholders’ interests.
The final rating remains subject to RAM’s review of transaction documents, the independent project certifier report and relevant legal and tax considerations. Material changes in take-up rates, buyer profile, construction progress or underwriting terms may affect the rating outcome.
Analytical contacts
Joel Thum
(603) 2708 8232
joel@ram.com.my
Lim Chern Yit
(603) 2708 8302
chernyit@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
© Copyright 2026 by RAM Rating Services Berhad
