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RAM Ratings assigns AAA/Stable rating to CelcomDigi Telecommunications’ new programme
Published on 23 Oct 2026.
RAM Ratings has assigned a AAA/Stable rating to CelcomDigi Telecommunications Sdn Bhd’s proposed RM10 bil Islamic Medium-Term Notes Programme (2026/-).
The rating reflects the dominant mobile market position and strong financial profile of its parent company CelcomDigi Berhad (CelcomDigi or the Group) after the Celcom-Digi merger. Given the close financial and operational integration between CelcomDigi Telecommunications and the Group, we assess these entities on a consolidated basis.
CelcomDigi remains Malaysia’s largest mobile telecommunications provider, with more than 20 mil mobile subscribers as at end-June 2026. The Group accounted for 39% of the mobile subscriber market and 46% of industry mobile revenue, underscoring its scale and market leadership. These strengths, together with its strong cashflow generation, continue to underpin the Group’s credit profile.
RAM last affirmed the rating of CelcomDigi Telecommunications’ RM5 bil Islamic Medium-Term Notes Programme (2017/-) in September 2026. Please refer to our rating rationale dated September 2026 for further details.
Analytical contacts
Lee Jo Yee
(603) 2708 8261
Joyee@ram.com.my
Karin Koh, CFA
(603) 2708 8237
karin@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.
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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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