MARC has affirmed the AAAID rating on Cagamas MBS Berhad’s (Cagamas MBS) RM2,050.0 million asset-backed Sukuk Musyarakah issuance (CMBS 2005-1) with a stable outlook. The rating action affects the outstanding RM810.0 million sukuk issued under CMBS 2005-1. The key rating factor is CMBS 2005-1’s strong credit enhancement level of 217.5% as of September 30, 2015 (Quarter 42) on the back of...

MARC has affirmed the rating of AAAIS on Cagamas MBS Berhad’s (Cagamas MBS) RM2,110.0 million asset-backed Sukuk Musyarakah issuance (CMBS 2007-1-i) with a stable outlook. The current outstanding under the sukuk issuance is RM1,255.0 million. The key factors supporting the rating affirmation are CMBS 2007-1-i’s robust credit enhancement level, the low payment risk on the pool of governme...

Rationale MARC has affirmed its AAA rating on Cagamas MBS Berhad’s (Cagamas MBS) assetbacked fixed rate serial bonds (CMBS 2005-2) of RM2,060.0 million with a stable outlook. The rating action affects the outstanding bonds of RM1,315.0 million issued under CMBS 2005-2. The affirmed rating reflects the robust credit enhancement level of 170.3% on CMBS 2005-2 based on an outstanding principal bala...

MARC has affirmed its AAA rating on Cagamas MBS Berhad’s (Cagamas MBS) RM2,410.0 million asset-backed fixed rate serial bonds (CMBS 2007-2) with a stable outlook. The rating action affects RM1,140.0 million of outstanding bonds. Cagamas MBS is a wholly-owned special purpose vehicle of Cagamas Holdings Berhad and was established to issue mortgage-backed securities via the securitisation of eligib...

MARC has affirmed its rating of AAAIS on Cagamas MBS Berhad’s (Cagamas MBS) RM2,110.0 million asset-backed Sukuk Musyarakah issuance (CMBS 2007-1-i) with a stable outlook. The rating action affects the outstanding sukuk of RM1,255.0 million. The affirmed rating reflects CMBS 2007-1-i’s robust credit enhancement level of 142.3% based on an outstanding principal of non-defaulted mortgag...

MARC affirmed its AAAID rating on Cagamas MBS Berhad’s (Cagamas MBS) RM2,050.0 million asset-backed Sukuk Musyarakah issuance (CMBS 2005-1) with a stable outlook. The rating action affects the outstanding RM1,325.0 million sukuk issued under CMBS 2005-1. Cagamas MBS is a wholly-owned special purpose vehicle of Cagamas Holdings Berhad and was established to undertake the securitisation of co...

MARC has affirmed its AAA rating on Cagamas MBS Berhad’s (Cagamas MBS) asset-backed fixed rate serial bonds (CMBS 2007-2) of RM2,410.0 million with a stable outlook. The rating action affects the outstanding bonds of RM1,520.0 million. The rating on the residential mortgage-backed bonds continues to be supported by the strong credit enhancement of 143.7% based on the outstanding principal of...

MARC has affirmed its AAA rating on Cagamas MBS Berhad’s (Cagamas MBS) asset-backed fixed rate serial bonds (CMBS 2005-2) of RM2,060.0 million with a stable outlook. The rating action affects the outstanding bonds of RM1,315.0 million issued under CMBS 2005-2. The rating essentially reflects the strong credit enhancement of 169.4% based on outstanding principal of non-defaulted mortgages of ...

MARC has affirmed the rating of Cagamas MBS Berhad’s (Cagamas MBS) RM2,110.0 million asset-backed Sukuk Musyarakah issuance (CMBS 2007-1-i) at AAAIS with a stable outlook. The rating action affects RM1,525.0 million of outstanding sukuk. The affirmed rating reflects CMBS 2007-1-i’s strong credit enhancement level of 133.8% based on an account balance of RM312.5 million and outstanding ...

MARC has affirmed its AAA rating on Cagamas MBS Berhad’s (Cagamas MBS) asset-backed fixed rate serial bonds of RM1,555.0 million (CMBS 2004-1) with a stable outlook. The rating action affects the final tranche (Series 4) of RM345.0 million bonds issued under CMBS 2004-1. The affirmed rating takes into account the robust credit enhancement levels of 233.5% based on outstanding principal of no...