[RAM] RAM Ratings assigns AAA rating to TNB's RM10 bil IMTN programme

RAM Ratings has assigned an AAA/Stable rating to Tenaga Nasional Berhad’s (TNB or the Group) proposed RM10 bil Islamic Medium-Term Notes Sukuk Wakalah Programme.

In assigning the issue rating, we considered TNB’s solid credit profile, which is underpinned by its critical role as Malaysia’s national electric utility. The Group’s essential public service role and very strong relationship with the Government of Malaysia underscore our view of a ‘very high’ likelihood of extraordinary government support, if necessary.

The ratings of TNB’s existing sukuk programmes were last published in June 2025 (see table below). RAM is currently conducting the annual rating review and expects to conclude it within the next two months. We will provide a full credit assessment of the Group upon completion.




Analytical contacts
Liew Kar Ling
(603) 2708 8216
karling@ram.com.my

Chong Van Nee, CFA
(603) 2708 8210
vannee@ram.com.my

Media contact
Sakinah Arifin
(603) 2708 8212
sakinah@ram.com.my