MARC has affirmed the long term rating of Cagamas MBS Berhad’s (Cagamas MBS) mortgage-backed Sukuk Musyarakah issuance of RM2,110.0 million (CMBS 2007-1-i) at AAAIS. The rating reflects the satisfactory performance of the collateral pool, in particular its low cumulative default rate and slightly lower than projected prepayment rate which has resulted in a modest increase in credit enhanceme...

MARC has reaffirmed the long term rating of Cagamas MBS Berhad’s (Cagamas MBS) asset-backed Fixed Rate Serial Bonds (CMBS 2005-2) of RM2,060.0 million at AAA.  CMBS 2005-2 is collateralised by a portfolio of government staff housing loans (GSHLs), payments on which are deducted at source. The reaffirmed rating reflects the performance of the securitised mortgage portfolio in particular,...

MARC has reaffirmed the AAA rating of Cagamas MBS Berhad’s (Cagamas MBS) RM1,555.0 million fixed rate serial bonds (CMBS 2004-1).  The reaffirmed rating reflects the performance of the securitised mortgage portfolio in particular, its low cumulative default rate and significant principal prepayments which have allowed credit enhancement for the transaction to increase to 42.0% from 26.0...

MARC has reaffirmed the AAAID rating of Cagamas MBS Berhad’s (Cagamas MBS) asset-backed Sukuk Musyarakah Issuance (CMBS 2005-1) of RM2,050.0 million. CMBS 2005-1 is collateralized by a portfolio of Government Staff Islamic residential mortgages, payments on which are deducted at source. The reaffirmed rating reflects the performance of the securitised mortgage portfolio in particular, its lo...

MARC has assigned a rating of AAA to Cagamas MBS Berhad’s (Cagamas MBS) asset-backed Fixed Rate Serial Bonds of RM2,410.0 million. The rating reflects the quality of the underlying government staff housing loans (GSHLs); overcollateralisation of 125.1% which allows the transaction to withstand AAA default and prepayment stresses; and the strong transaction administrator, Cagamas Berhad (Caga...

MARC has assigned a rating of AAAIS to Cagamas MBS Berhad’s (Cagamas MBS) mortgage-backed Sukuk Musyarakah Issuance of RM2,110.0 million. The rating reflects the quality of the securitized government staff Islamic home financing (GSIHF); overcollateralisation of 120.3% which allows the transaction to withstand AAA default and prepayment stresses; and, procedures in place to monitor the secur...

MARC has affirmed the long term rating of Cagamas MBS Berhad’s (Cagamas MBS) asset-backed Fixed Rate Serial Bonds of RM2,060.0 million at AAA. The affirmation reflects the satisfactory performance of the securitized mortgage portfolio; overcollateralisation of 141.0%; and adequate monitoring procedures employed in respect of the securitized portfolio by the transaction administrator, Caga...

MARC has reaffirmed the long-term rating of Cagamas MBS Berhad’s (Cagamas MBS) RM1,555.0 million fixed rate serial bonds (CMBS 2004-1) at AAA. The reaffirmation reflects the performance of the securitised mortgage portfolio (Portfolio 2004-1) within MARC’s stress scenario; overcollateralization of 121.9%; and Cagamas Berhad’s (Cagamas) collection and monitoring capabilities as...

MARC has affirmed the long term rating of Cagamas MBS Berhad’s (Cagamas MBS) asset-backed Sukuk Musyarakah Issuance (CMBS 2005-1) of RM2,050.0 million at AAAID. The affirmation is premised on the performance of the securitised mortgage portfolio; overcollateralisation of 138.8%; the stringent core and portfolio eligibility criteria, which serves to reduce credit risk of the obligors; deduc...

MARC has affirmed the long-term rating of Cagamas MBS Berhad’s (Cagamas MBS) RM1,555.0 million fixed rate serial bonds (CMBS 2004-1) at AAA. The affirmation reflects the performance of the securitised Government Staff Housing Loans (GSHL) portfolio (comprising of mortgages of government pensioners only) which is within expectations, aided by the stringent core and portfolio eligibility cr...