MARC has withdrawn its AAA rating on Cagamas MBS Berhad’s (Cagamas MBS) asset-backed fixed rate serial bonds of RM1,555.0 million (CMBS 2004-1). The rating withdrawal follows the full redemption of the final tranche (Series 4) of RM345.0 million bonds issued under CMBS 2004-1 and cancellation of the facility as confirmed by the facility agent.

MARC’s analytical coverage on Cagamas MBS is now limited to the following issuances:

• RM2,050.0 million asset-backed Sukuk Musyarakah issuance (CMBS 2005-1) rated AAAID/Stable
• RM2,060.0 million asset-backed fixed rate serial bonds (CMBS 2005-2) rated AAA/Stable
• RM2,110.0 million asset-backed Sukuk Musyarakah issuance (CMBS 2007-1-i) rated AAAIS/Stable
• RM2,410.0 million asset-backed fixed rate serial bonds (CMBS 2007-2) rated AAA/Stable

Contacts:
Ng Chun Kean, +603-2082 2230/ chunkean@marc.com.my;
David Lee, +603-2082 2255/ david@marc.com.my.