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...

MARC has withdrawn its AAA rating on Cagamas MBS Berhad’s RM320 million Tranche 4 bonds issued under the RM2,060 million asset-backed fixed rate serial bonds (CMBS 2005-2). The rating withdrawal follows the full redemption of the tranche as confirmed by the facility agent. MARC’s analytical coverage on CMBS 2005-2 is now limited to the outstanding RM995 million under the remaining tranch...

MARC has withdrawn its AAAID rating on Cagamas MBS Berhad’s RM515 million Tranche 4 sukuk issued under the RM2,050 million asset-backed Sukuk Musyarakah issuance (CMBS 2005-1). The rating withdrawal follows the full redemption of the tranche as confirmed by the facility agent.MARC’s analytical coverage on CMBS 2005-1 is now limited to the outstanding RM810 million under the remaining tranches ...

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 affirmed rating reflects the robust credit enhancement level of 170.3% on CMBS 2005-2 based on an outstanding principal balance of no...

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 elig...

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 withdrawn its AAA rating/stable outlook on Cagamas MBS Berhad’s RM380.0 million Tranche 3 bonds issued under the RM2,410.0 million asset-backed fixed rate serial bonds (CMBS 2007-2). The rating withdrawal follows the full redemption of the tranche as confirmed by the facility agent. MARC’s analytical coverage on CMBS 2007-2 is now limited to the outstanding RM1,140.0 mil...

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 ...