RAM Ratings assigns final AA3/Stable rating to Exsim Capital's Tranche 8 IMTN

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 strongd