[RAM] RAM Ratings assigns final ratings to Tranche 10 Sukuk to be issued by RCE Marketing's financing vehicle, Zamarad

RAM Ratings has assigned respective final ratings of AAA/Stable and AA₂/Stable to Zamarad Assets Berhad’s (Zamarad or the Issuer) Tranche 10 RM105.0 mil Class A Sukuk and RM20.0 mil Class B Sukuk (the Sukuk). This is the tenth issuance under Zamarad’s RM2.0 bil 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 9 October 2024 (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
Joel Thum
(603) 3385 2517
joel@ram.com.my

Lim Chern Yit
(603) 3385 2528
chernyit@ram.com.my

Media contact
Sakinah Arifin
(603) 3385 2500
sakinah@ram.com.my