RAM Ratings withdraws rating of First Resources’ Sukuk Programme

Published on 01 Aug 2022.

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RAM Ratings has withdrawn the AA2/Stable rating of First Resources Limited’s RM2.0 billion Sukuk Musharakah Programme (2012/2022) (the Sukuk Programme) following its expiry on 29 July 2022. All outstanding amounts under the Sukuk Programme had been fully redeemed earlier in October 2021. As such, we no longer have any rating obligation in respect of the Sukuk Programme.


Analytical contacts
Joel Thum
(603) 3385 2517

Thong Mun Wai
(603) 3385 2522


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
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Ratings on First Resources Limited