RAM Ratings affirms Qualitas' ratings

RAM Ratings has affirmed the ratings of Ameetaz Capital Sdn Bhd (Ameetaz Capital or the Group) and Qualitas Sukuk Berhad as follows:

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 (Subordinated Perpetual Sukuk) (2025/-)
- RM2.5 bil Senior Islamic Medium-Term Notes* ^         AA3(s)/Stable
- RM2.5 bil Subordinated Perpetual Islamic Notes* # A2(s)/Stable
Notes:
- Combined limit of RM2.5 bil
- The enhanced rating reflects the 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 the senior sukuk.

The affirmation reflects RAM's expectations of a gradual recovery in the Group's operating performance and credit metrics in 2026 and 2027 following weaker than expected outcomes in 2025. The 2025 underperformance was mainly due to delayed deployment of proceeds from the Subordinated Perpetual Sukuk issued in July 2025, which was earmarked for brownfield acquisitions, as well as softer-than-expected growth at the Group's existing clinics.

As the Group completed only SGD1.5 mil of acquisitions in 2025, after issuing RM220 mil (or about SGD67 mil) of Perpetual Sukuk in July, contributions from the new additions were minimal. Meanwhile, organic growth was also below plan, mainly due to an unexpected y-o-y decline in revenue from the Group's Malaysian operations. Hence, while total revenue increased by approximately 4% to SGD243.5 mil, it was 13% lower than expectations. As a result, operating profit of about SGD45.7 mil fell short of the SGD58 mil projected. Credit metrics similarly tra