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RAM Ratings affirms Zamarad’s Tranche 3, 5, 8, 9, 10 and 11 Sukuk ratings
Published on 05 Nov 2026.
RAM Ratings has affirmed the ratings of all rated classes under Zamarad Assets Berhad’s Tranche 3, 5, 8, 9, 10 and 11 Sukuk Murabahah, and revised the outlook on Tranche 8 Class B Sukuk to positive from stable (see table). Zamarad is a special-purpose vehicle incorporated to undertake the securitisation of personal financing (PF) facilities extended to civil servants, originated through the business partners of RCE Marketing Sdn Bhd (RCEM).
The rating affirmations are anchored by the underlying receivables’ satisfactory performance, with default and prepayment trends remaining broadly consistent with our expectations. Based on our review of RCEM’s static pools originated between April 2021 and May 2026, asset performance has remained stable relative to our previous assessment, supporting the retention of our base case assumptions. Available credit enhancement for the tranches under review continues to provide adequate protection commensurate with their respective ratings. The positive outlook on Tranche 8 Class B Sukuk reflects our expectation that the accumulation of additional credit enhancement will support an upgrade over the next 12 to 15 months.
Tranche 3 and 5 Sukuk are already fully cash-backed, hence repayment of obligations under the Sukuk are no longer dependent on future performance of the securitised receivables portfolio. For Tranches 8, 9, 10 and 11 which feature a Revolving Option, we expect the utilisation of excess cash reserves for the purchase of new receivables, if any, to at least preserve required credit support for the respective AAA and AA2 ratings of the Class A and Class B Sukuk, in line with the transaction terms.
Over the review period, default performances across all portfolios were largely within expectations, despite some fluctuations attributable to collection timing and administrative delays. 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 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
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