Find A Rating 
PRESS RELEASES
RAM Ratings assigns AAA rating to TNB’s RM10 bil IMTN programme
Published on 01 Apr 2026.
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
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
© Copyright 2026 by RAM Rating Services Berhad
