Find A Rating 
PRESS RELEASES
RAM Ratings assigns final AAA(s) rating to Kami Builders
Published on 25 May 2026.
RAM Ratings has assigned a final rating of AAA(s)/Stable to Kami Builders Sdn Bhd’s (KBSB or the Company) RM90 mil Tranche 1 SRI Sukuk Murabahah (Tranche 1) under its RM300 million ASEAN Sustainability SRI Sukuk Programme. Tranche 1 is fully secured by a standby letter of credit (SBLC) from UBS Switzerland AG (UBS). Accordingly, the rating reflects UBS’s credit strength, which RAM has assessed as AAA/Stable(pi).
Kami Builders is a wholly owned subsidiary of Wawasan QI Properties Sdn Bhd (WQIP), serving as the latter’s property investment and development arm. Proceeds from Tranche 1 will be applied partly toward construction of a new university campus in Ipoh, Perak, with total project costs estimated at RM165 mil.
The final rating is assigned after satisfactory review of all relevant final transaction documents and related legal opinion, which remain consistent with our expectations when the preliminary rating was assigned (13 March 2026; click here).
RAM will continue to monitor the rating for as long as Tranche 1 remains outstanding.
Analytical contacts
Amira Shamsul
(603) 2708 8242
syahira@ram.com.my
Thong Mun Wai
(603) 2708 8255
munwai@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
