[RAM] RAM Ratings assigns final ratings to Tranche 11 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 (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