PETALING JAYA: RAM Ratings has downgraded the ratings on Binariang GSM Sdn Bhd’s RM2bil Islamic commercial papers, RM19bil Islamic medium-term notes and ringgit-equivalent of US$900mil cumulative non-convertible Islamic junior sukuk.
The rating agency’s analyst Lee Chai Len said in a press release that the continuing weak performance of Aircel Ltd amid the extremely competitive business environment and unrelenting regulatory uncertainties in India continued to weigh on the credit profile of Binariang.
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