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RAM Ratings withdraws TM Tech’s ICP Programme ratings
Published on 03 Dec 2025.
RAM Ratings has withdrawn the P1 rating of TM Technology Services Sdn Bhd’s (TM Tech) RM4 bil Islamic Commercial Papers Programme (2018/2025) following confirmation from TM Tech that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
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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