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RAM Ratings affirms Exsim Capital’s Tranche 4, 6 and 7 IMTN ratings
Published on 06 May 2026.
RAM Ratings has affirmed the ratings of Exsim Capital Resources Berhad’s (Exsim Capital or the Issuer) RM300 mil Tranche 4, RM310 mil Tranche 6 and RM455 mil Tranche 7 Islamic Medium-Term Notes (IMTN), issued under its RM2 bil Sukuk Musharakah Programme.
The affirmations reflect adequate remaining time to expected maturity, satisfactory liquidity positions and overall construction progress of the underlying projects. Construction at The Fiddlewoodz (backing Tranche 4) has been delayed by logistical challenges, road closures and stricter enforcement on overloaded lorries. While the legal certificate of practical completion (CPC) date has moved beyond the legal certificate of completion and compliance (CCC) date following an extension of time (EOT), potential liquidated damages (LDs) are considered immaterial, assuming vacant possession by end-June 2026.
For Tranche 6, progress varies between projects. Kyliez may require an estimated extension of up to six months, potentially aligning its CCC with earlier sale and purchase agreement delivery dates. Any LD exposure is expected to be minimal. Hugoz, despite multiple EOTs arising mainly from road closures, retains an adequate buffer of 10 months to the legal CCC date. Projects backing Tranche 7 (Kingswoodz and Noordinz) remain broadly on track and are expected to be completed ahead of the respective expected maturities.
Across all tranches, cash flow and liquidity continue to be supported by healthy buyer profiles and the availability of unrated Islamic commercial papers (ICP). Default rates and recoveries remain well below stressed assumptions, with no construction cost overruns recorded to date. Drawdowns under Tranche 6 and Tranche 7 ICP facilities are expected to be minimal, while no drawdowns are anticipated for Tranche 4 ICP.
Analytical contacts
Joel Thum
(603) 2708 8232
joel@ram.com.my
L Nurisya Abdullah
(603) 2708 8238
nurisya@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
Rating Rationale: Exsim Capital Resources Berhad Tranche 4
Rating Rationale: Exsim Capital Resources Berhad Tranche 6
