RAM Ratings Reaffirms AA2/Stable Rating of First Resources’ MYR 2 Billion Sukuk Musharakah Programme

RAM Ratings (RAM) has reaffirmed the AA2/Stable rating of First Resources Limited’s (FRL) MYR 2.0 billion Sukuk Musharakah Programme (2012/2022) according to a recent statement.

FRL is a Singapore-headquartered palm oil producer with operations in Indonesia. As one of the world’s top 10 listed plantation firms with 212,702 hectares of planted area as at June 2020, FRL’s long-term growth depends on its expanding mature hectarage and young trees, according to RAM.

RAM’s reaffirmation reflects FRL’s satisfactory financial performance in spite of the difficult operating environment amid disruptions in demand due to the COVID-19 pandemic, as well as price d...