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RAM Ratings assigns final ratings to Tranche 11 sukuk to be issued by RCE Marketing’s financing vehicle, Zamarad
Published on 08 Dec 2025.
RAM Ratings has assigned respective final ratings of AAA/Stable and AA2/Stable to Zamarad Assets Berhad’s (the Issuer) Tranche 11 RM135.0 mil Class A Sukuk and RM25.0 mil Class B Sukuk. This is the eleventh issuance under Zamarad’s RM2.0 bil Sukuk Murabahah Programme, sponsored by RCE Marketing Sdn Bhd (the Originator).
In assigning the final ratings, we have reviewed all relevant transaction documents, the credit enhancement, final sukuk terms (including tranche amount, tenure and profit rates) and tax estimates, which we find to be consistent with our expectations when we assigned the preliminary ratings, published on 3 November 2025 (click here). Please refer to the final rating rationale for details.
RAM will continue to monitor the transaction through monthly performance reports from the Servicer and the Trustee, keeping the ratings under surveillance for as long as rated sukuks under this issuance remain outstanding.
Analytical contacts
Tan Yan Choong
(603) 2708 8256
yanchoong@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
© Copyright 2025 by RAM Rating Services Berhad
