[RAM] RAM Ratings withdraws TM Tech's ICP Programme ratings

RAM Ratings has withdrawn the P1 rating of TM Technology Services Sdn Bhd’s (TM Tech) RM4 bil Islamic Commercial Papers Programme (2018/2025) following confirmation from TM Tech that the programme has expired. Accordingly, our rating obligation with respect to this programme has ended. We will, however, maintain surveillance of TM Tech’s RM3 bil Islamic Medium-Term Notes (IMTN) Programme (2013/2033) and RM4 bil IMTN Programme (2018/2048), both of which are currently rated AAA/stable. 

A wholly-owned subsidiary of Telekom Malaysia Berhad (TM or the Group), TM Tech houses the Group’s core businesses and is the Group’s main earnings contributor. Given the strong financial and operational integration between TM Tech and TM, RAM views them in aggregate from a rating perspective. Accordingly, the ratings of TM Tech’s sukuk are reflective of the Group’s robust credit standing.


Analytical contacts
Karin Koh, CFA
(603) 2708 8237
karin@ram.com.my

Davinder Kaur Gill
(603) 2708 8220
davinder@ram.com.my

Media contacts
Sakinah Arifin
(603) 2702 8212
sakinah@ram.com.my