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RAM Ratings takes rating actions on Zamarad
Published on 18 May 2026.
RAM Ratings has upgraded Zamarad Assets Berhad’s Tranche 6 Class B sukuk to AAA from AA2, and affirmed the ratings of all rated classes under Tranche 4 and 7 sukuk as well as Al Dzahab Assets Berhad’s Tranche 6 sukuk. Concurrently, the rating outlook on Zamarad’s Tranche 7 Class B sukuk has been revised to positive from stable (see table).
Al Dzahab and Zamarad are both special-purpose vehicles incorporated to undertake the securitisation of personal financing (PF) facilities extended to civil servants, originated through the business partners of RCE Marketing Sdn Bhd.
The rating upgrade of Zamarad’s Tranche 6 Class B sukuk is premised on credit support having strengthened to a level that commensurates with the AAA stress scenario. The rating affirmations reflect the underlying receivables’ satisfactory default and prepayment performances relative to our assumptions, providing credit support that commensurate with the respective issue ratings of all tranches under review. The positive outlook on Zamarad’s Tranche 7 Class B sukuk reflects our expectation that the available credit enhancement will support a higher rating over the next 12-15 months.
Zamarad’s Tranche 4 sukuk is fully cash-backed, the repayment of obligations under the sukuk are no longer dependent on future performance of the securitised receivables portfolio. For Zamarad’s Tranche 6 and Tranche 7 sukuk as well as Al Dzahab’s Tranche 6 sukuk, which feature a Revolving Option, any utilisation of excess cash reserves for the purchase of new receivables must at least preserve the required credit support for the respective ratings of the Class A and Class B sukuk, in line with the transaction terms.
During the review period, default performances across all portfolios were largely within expectations, despite some fluctuations attributable to collection timing and administrative delays during festive seasons. Considering the non-discretionary salary deductions through which the PF facilities are repaid and the low civil service attrition rate, default and delinquency levels are expected to remain stable. Average prepayment rates since issuance for the portfolios remained within our high and low scenarios. As prepayments are typically event-driven and tend to rise as the underlying PF receivables season, we anticipate a gradual increase in prepayment, driven by civil service salary adjustments and continued refinancing activity amid cost-of-living pressures, albeit within the range of our assumptions.
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 2026 by RAM Rating Services Berhad
Rating Rationale: Zamarad Tranche 4
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