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RAM Ratings assigns final ratings to Tranche 6 Sukuk to be issued by RCE Marketing’s financing vehicle, Al Dzahab
Published on 26 Jun 2025.
RAM Ratings has assigned respective final ratings of AAA/Stable and AA2/Stable to Al Dzahab Assets Berhad’s (Al Dzahab or the Issuer) Tranche 6 RM80.0 mil Class A Sukuk and RM20.0 mil Class B Sukuk (the Sukuk). This is the sixth issuance under Al Dzahab’s RM900 mil Sukuk Murabahah Programme, sponsored by RCE Marketing Sdn Bhd (RCEM or the Originator).
In assigning the final ratings, we have reviewed all relevant transaction documents, credit enhancement, the final sukuk terms (including tranche amount, tenure and profit rates) and tax estimates. We find these to be in line with our expectations when we assigned the preliminary ratings, published on 20 May 2025 (click here). Please refer to the final rating rationale for details.
RAM will maintain surveillance of the transaction on a regular basis via monthly performance reports prepared by the Servicer and the Trustee. We will keep the ratings under surveillance as long as there are outstanding rated sukuk under this issuance.
Analytical contacts
Sean Lim, CFA
(603) 2708 8253
sean@ram.com.my
Lim Chern Yit
(603) 2708 8302
chernyit@ram.com.my
Media contact
Sakinah Arifin
(603) 2708 8212
sakinah@ram.com.my
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
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