RAM Ratings assigns final ratings to Tranche 9 Sukuk to be issued by RCE Marketing’s financing vehicle, Zamarad

Published on 08 Aug 2023.

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RAM Ratings has assigned final ratings of AAA/Stable and AA2/Stable to Zamarad Assets Berhad’s (Zamarad or the Issuer) Tranche 9 RM175.0 mil Class A Sukuk and RM30.0 mil Class B Sukuk, respectively. This is the ninth issuance under Zamarad’s RM2.0 bil Sukuk Murabahah Programme, sponsored by RCE Marketing Sdn Bhd (RCEM or the Originator). As with previous issuances, Tranche 9 will be collateralised by personal financing facilities extended to civil servants, originated by RCEM through its business partners.

In assigning the final ratings, we have reviewed all relevant transaction documents and required credit enhancement, considering the final sukuk pricing and tax estimates. We find these to be in line with our expectations when we assigned the preliminary ratings, published on 30 June 2023 (click here). Please refer to our final rating rationale for details on the assigned ratings.


Analytical contacts
Liew Kar Ling
(603) 3385 2586

Lim Chern Yit
(603) 3385 2528


The credit rating is not a recommendation to purchase, sell or hold a security, inasmuch as it does not comment on the security’s market price or its suitability for a particular investor, nor does it involve any audit by RAM Ratings. The credit rating also does not reflect the legality and enforceability of financial obligations.

RAM Ratings receives compensation for its rating services, normally paid by the issuers of such securities or the rated entity, and sometimes third parties participating in marketing the securities, insurers, guarantors, other obligors, underwriters, etc. The receipt of this compensation has no influence on RAM Ratings’ credit opinions or other analytical processes. In all instances, RAM Ratings is committed to preserving the objectivity, integrity and independence of its ratings. Rating fees are communicated to clients prior to the issuance of rating opinions. While RAM Ratings reserves the right to disseminate the ratings, it receives no payment for doing so, except for subscriptions to its publications.

Similarly, the disclaimers above also apply to RAM Ratings’ credit-related analyses and commentaries, where relevant.

Published by RAM Rating Services Berhad
© Copyright 2023 by RAM Rating Services Berhad

Rating Rationale

Ratings on Zamarad Assets Berhad