RAM Reaffirms AA3/Stable Rating of Exsim Ventures’ MYR 68 Million Tranche 1 IMTN

RAM Ratings (RAM) has reaffirmed the AA3/Stable rating of Exsim Ventures’ MYR 68 million Tranche 1 Islamic medium term notes (IMTN) under its MYR 2 billion Sukuk Musharakah Programme (IMTN Programme). Exsim Ventures is a wholly-owned Malaysian subsidiary and special-purpose vehicle of Exsim Development (Exsim Group). The Tranche 1 IMTN is backed by sale and purchase agreements signed with buyers relating to Scarletz Suites (the Project).

Ratings Rationale

The reaffirmation reflects satisfactory progress of construction and sufficient liquidity to bridge cashflow timing mismatches that occurred from the suspension of construction between March and April 2020 due to the Movement Control Order (MCO). The targeted date of issuance of Certificate of...