[RAM] RAM Ratings assigns AAA/Stable rating to CelcomDigi Telecommunications' new programme

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