MALAYSIA: RAM has affirmed the rating on Telekosang Hydro One’s RM470 million (US$104.73 million) ASEAN Green SRI Sukuk (2019/2037) at ‘AA3’ with a negative outlook, according to a rating note. The negative outlook reflects RAM’s concerns over residual completion risks for the 16 MW small hydropower plant held under the issuer’s sister company, Telekosang Hydro Two.