RAM Ratings withdraws Sabah Development’s AAA issue rating

Published on 10 Nov 2023.

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RAM Ratings has received confirmation that Sabah Development Berhad terminated its RM10.0 bil Islamic Medium-Term Notes Programme on 8 November 2023. Consequently, we have withdrawn the AAA/Stable rating of the programme and no longer have any rating obligation in respect of it. The rating was last published on 22  March 2023.


Analytical contacts
L Nurisya Abdullah
(603) 3385 2492

Thong Mun Wai
(603) 3385 2522

Media contact
Sakinah Arifin
(603) 3385 2500


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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