RAM Ratings has assigned a preliminary AA3/Stable rating to the proposed ASEAN Green SRI Sukuk of up to RM255 mil (Tranche 9 IMTN) to be issued under Exsim Capital Resources Berhad's (the Issuer) RM2 bil Sukuk Musharakah Programme. The Issuer is a wholly owned financing vehicle of Exsim Development Sdn Bhd (Exsim).

The Tranche 9 IMTN will be backed by progress billings from The Lighthauz, a provisionally GreenRE Gold-certified freehold waterfront serviced residence project in Gelugor, Bandar George Town, Penang. Proceeds will fund the acquisition of beneficial interests in sale and purchase agreements executed with project buyers. Collections from these receivables will finance remaining construction costs and Tranche 9 IMTN obligations. A separate RM27 mil unrated Sukuk Murabahah ICP facility (Tranche 9 ICP), fully underwritten by an AAA/Stable/P1-rated financial institution, will provide liquidity support for cost overruns, working capital requirements and shortfalls in IMTN profit payments or senior expenses. 

RAM's cash flow assessment assumes 99% project take‑up - a condition precedent for issuance - and applies buyer-default and post-default price-decline stresses commensurate with the rating. The assumed default frequency reflects the buyer profile, which is expected to comprise mainly owner-occupiers, many of whom have secured end-financing, moderating default risk. 

The assessment also takes into account the transaction's ability to absorb liquidity and cash flow stress from construction delays and cost overruns. Fixed-price contracts and Exsim's completion undertaking mitigate these risks. Given the project's complexity, contractual terms, location and accessibility, construction risks are viewed manageable. The independent project consultant also considers the project budget, cost contingencies and completion timeline as adequate.

Assuming financial close in December 2026, the transaction will have a sufficient buffer between the project