[RAM] RAM Ratings assigns final ratings to Al-Salam REIT's maiden Guaranteed Senior and Perpetual Sukuk

RAM Ratings has assigned final ratings of AAA(fg)/Stable to Al-Salam Real Estate Investment Trust’s (Al-Salam or the REIT) Guaranteed Senior Sukuk Tranche of up to RM500 mil (Guaranteed Tranche) and A₃(s)/Stable to the Subordinated Perpetual Sukuk of up to RM500 mil (Perpetual Sukuk), both to be issued by ALSREIT Capital Sdn Bhd (the Issuer), a wholly owned funding vehicle of the REIT. The issuances are part of the REIT’s RM3 bil Senior Sukuk Wakalah and/or Subordinated Perpetual Sukuk Wakalah Programme (Sukuk Wakalah Programme). 

In assigning the final ratings, we reviewed all relevant transaction documents and found them to be consistent with RAM’s expectations when the preliminary ratings were assigned on 19 September 2025. 

The Guaranteed Tranche rating is enhanced by an irrevocable and unconditional guarantee from Credit Guarantee and Investment Facility (rated AAA/Stable/P1 by RAM), while the rating of the Perpetual Sukuk is notched down from the REIT’s long-term corporate credit rating to reflect its subordinated position and the risk of profit cancellation. 

Please refer to the rating rationale for more details.


Analytical contacts
Lim Chern Yit
(603) 2708 8302 
chernyit@ram.com.my

Darrel Tiang
(603) 2708 8219
darrel@ram.com.my

Media contact
Sakinah Arifin
(603) 2708 8212
sakinah@ram.com.my