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RAM Ratings assigns final AA3/Stable rating to Exsim Capital
Published on 05 Jun 2026.
RAM Ratings has assigned a final AA3/Stable rating to the RM230 mil ASEAN Green SRI Sukuk (Tranche 8 IMTN) to be issued under Exsim Capital Resources Berhad’s RM2 bil Sukuk Musharakah Programme. The Issuer is a wholly owned financing vehicle of Exsim Development Sdn Bhd.
We have reviewed the final documentation for Tranche 8 IMTN, and are satisfied that the final sukuk structure is consistent with the preliminary rating assigned (click here). The final rating also considers the latest available project progress up to April 2026, independent certifications and other relevant information relating to the two underlying development projects that support Tranche 8 IMTN, i.e., Hanaz Suites @ KL City Centre and The Asteriaz @ Kebun Teh, Johor.
As at end-April 2026, sales for Hanaz and Asteriaz had reached 99.6% and 99.2%, respectively, slightly exceeding initial assumptions. The final issuance size of RM230 mil is lower than the preliminary RM240 mil IMTN issuance, reflecting the overall lower net cash flow collections over the life the sukuk’s tenure and available cash balances in the respective housing development and project accounts, in line with the more advanced construction progress and project sales performance. Consistent with reduced funding needs following construction progress, the corresponding unrated Sukuk Murabahah ICP facility has also been reduced to RM50 mil from RM60 mil previously. These revisions are credit neutral because they reflect stronger than expected monetisation of projects and lower residual funding needs rather than any weakening in structural protection.
Liquidity support is underwritten by United Overseas Bank (Malaysia) Berhad (rated AAA/Stable), and is structured to address potential cost overruns, working capital requirements and any shortfalls in profit payments and senior expenses. Our assessment remains supported by the projects’ very strong take-up rates and end-financing exposure which reduces default sensitivity, as well as competitive product pricing that supports asset recovery. The rating also considers the extent of construction progress, expected progress collections from the underlying projects and the continued availability of this liquidity support. We will continue to monitor execution risks, including any delays in completion, collection timing mismatches and the sufficiency of liquidity support throughout the life of the transaction.
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
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