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RAM Ratings assigns preliminary AA3/Stable rating to Exsim Capital’s Tranche 9 IMTN
Published on 06 Nov 2026.
RAM Ratings has assigned a preliminary AA3/Stable rating to the proposed ASEAN Green SRI Sukuk of up to RM255 mil (Tranche 9 IMTN) to be issued 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 9 IMTN will be backed by progress billings from The Lighthauz, a provisionally GreenRE Gold-certified freehold waterfront serviced residence project in Gelugor, Bandar George Town, Penang. Proceeds will fund the acquisition of beneficial interests in sale and purchase agreements executed with project buyers. Collections from these receivables will finance remaining construction costs and Tranche 9 IMTN obligations. A separate RM27 mil unrated Sukuk Murabahah ICP facility (Tranche 9 ICP), fully underwritten by an AAA/Stable/P1-rated financial institution, will provide liquidity support for cost overruns, working capital requirements and shortfalls in IMTN profit payments or senior expenses.
RAM’s cash flow assessment assumes 99% project take-up – a condition precedent for issuance – and applies buyer-default and post-default price-decline stresses commensurate with the rating. The assumed default frequency reflects the buyer profile, which is expected to comprise mainly owner-occupiers, many of whom have secured end-financing, moderating default risk.
The assessment also takes into account the transaction’s ability to absorb liquidity and cash flow stress from construction delays and cost overruns. Fixed-price contracts and Exsim’s completion undertaking mitigate these risks. Given the project’s complexity, contractual terms, location and accessibility, construction risks are viewed manageable. The independent project consultant also considers the project budget, cost contingencies and completion timeline as adequate.
Assuming financial close in December 2026, the transaction will have a sufficient buffer between the project’s legal completion date and the Tranche 9 IMTN’s expected maturity. Following a trigger event, the Security Trustee may step in, supported by the project management company, to complete the project and protect sukukholders’ interests. Under RAM’s rating stresses, collections and structural liquidity remain adequate to meet construction costs and rated obligations in full and on time.
The final rating is subject to RAM’s review of the transaction documents and relevant legal and tax considerations. Material changes in take-up, buyer profile, construction progress or underwriting terms may affect the rating.
Analytical contacts
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
