RAM Ratings has assigned AA3 ratings to Ameetaz Capital Sdn Bhd (Ameetaz Capital), the holding company of Qualitas Medical Limited (Qualitas or the Group) and concurrent AA3 and A2 ratings to the sukuk to be issued under the RM2.5 bil Senior Islamic Medium-Term Notes and Subordinated Perpetual Islamic Notes Programme (Sukuk Programme). 

Ameetaz Capital Sdn Bhd	                                                      Ratings
Corporate Credit Ratings	                                            AA3/Stable/P1
Qualitas Sukuk Berhad	                                                      Ratings
RM2.5 bil Senior Islamic Medium-Term Notes (Senior Sukuk) and Subordinated Perpetual Islamic Notes Programme (Perpetual Subordinated Sukuk) (2024/-)
i.RM2.5 bil Senior Islamic Medium-Term Notes* ^	                            AA3(s)/Stable
ii.RM2.5 bil Subordinated Perpetual Islamic Notes*#	                    A2(s)/Stable
Notes: 
*combined limit of RM2.5 bil. 
^The enhanced rating reflects the credit strength of Ameetaz Capital as the obligor of the purchase undertaking to the sukuk.
#The subordinated perpetual sukuk is rated two notches below the senior sukuk to reflect increased loss severity and the risk of non-performance relative to senior sukuk.

Incorporated in Singapore, Qualitas is a regional primary healthcare provider with established presence in Malaysia, Singapore and Australia. It has a long operating history dating back to 1997. The Group operates general practice clinics, dental clinics, medical imaging centres, therapy and rehabilitation centres, ambulatory care centres, specialist eyecare centres and retail chain pharmacies. These facilities were grown organically and through acquisitions. Dato' Dr Noorul Ameen Mohamed Ishack, a qualified medical practitioner and founder of Qualitas, and Southern Capital Group (SCG) are the ultimate shareholders of the Group, owning a collective 78.7%. Sojitz Corporation, a Japanese investment holding company, holds theI