RAM Ratings: Telekom Malaysia’s AAA/P1 Sukuk Ratings Reaffirmed with Stable Outlook

RAM Ratings (RAM) has reaffirmed its ratings of three Sukuk instruments of Telekom Malaysia (TM) at AAA/P1, with Outlook Stable. The three Sukuk instruments are Islamic Medium-Term Notes (IMTN) and Islamic Commercial Papers (ICP) Programmes.

These include an MYR 2 billion IMTN and ICP Programme (2011/2026), an MYR 3 billion IMTN and ICP Programme (2013/2020), as well as an MYR 4 billion IMTN and ICP Programme (2018/2048).

According to RAM, TM has been able to maintain its operational and financial performance in spite of the regulatory-led price revision in 2018, which has led to increased competition within the fixed broadband industry in Malaysia. RAM adds that TM is not impacted...