...The Negative Outlook reflects the continued pressure on Telekom Malaysia Berhad's (TM) cash flow due to narrow ing returns from w holesale netw ork access and the ensuing price competition in the fixed-broadband retail market. TM's deleveraging efforts through cost-reduction initiatives, capex management and dividend cuts may help ease the strain on cash flow s, though FFO adjusted net leverage over the next tw o years is likely to be around 2.5x, the level at w hich Fitch Ratings is likely to take negative rating action (2018: 3.0x). TM's IDR includes a one-notch uplift from its standalone credit profile (SCP) of `bbb+', leading to an IDR that is at the same level as the Malaysian sovereign's (A -/Stable), in line w ith the agency's government-related entities (GRE) rating criteria....
