RAM Assigns Preliminary AA3/Stable Rating to Exsim Capital’s Proposed MYR 323 Million Tranche 2 IMTN

RAM Ratings (RAM) has assigned a preliminary AA3/Stable rating to Exsim Capital Resources’ (Exsim Capital) proposed MYR 323 million Tranche 2 Islamic medium-term notes (IMTN) under its MYR 2 billion Sukuk Musharakah Programme (IMTN Programme).

Exsim Capital is a subsidiary and special-purpose vehicle of Exsim Development (Exsim Group). The IMTN Programme enables monetization of progress billings by Exsim Group, where it will sell its beneficial interest under sale and purchase agreements (SPA) related to property development projects to Exsim Capital from time to time. Future receipts under these agreements will be used to finance construction costs of projects and meet Sukuk issuance fees.

Ratings Rationale

The Tranche 2 IMTN will be...