KUALA LUMPUR: Malaysian Rating Corporation Bhd has affirmed the AAA rating of Cagamas MBS Bhd's asset-backed fixed rate serial bonds of RM1.555 billion with a stable outlook.
It said on Monday, June 6 the rating action affected the outstanding Series 3 and Series 4 of CMBS 2004-1, totaling approximately RM635.0 million.
MARC said the transaction's affirmed rating reflects strong credit enhancement levels for the outstanding bonds, supported by a collections account balance of RM408.5 million and the outstanding principal of non-defaulted mortgages of RM629.8 million.
The rating agency said the collateral pool, which comprises highly seasoned mortgage loans of high credit quality, continues to show stable performance. The affirmed rating also benefits from satisfactory management of collateral servicing and transaction administration.
Cagamas MBS is a limited purpose entity and a unit of Cagamas Holdings Bhd whose principal activities are restricted to securitising government staff housing loans, originated under both Islamic and conventional principles, from the Government of Malaysia, by issuing asset-backed securities.
It said on Monday, June 6 the rating action affected the outstanding Series 3 and Series 4 of CMBS 2004-1, totaling approximately RM635.0 million.
MARC said the transaction's affirmed rating reflects strong credit enhancement levels for the outstanding bonds, supported by a collections account balance of RM408.5 million and the outstanding principal of non-defaulted mortgages of RM629.8 million.
The rating agency said the collateral pool, which comprises highly seasoned mortgage loans of high credit quality, continues to show stable performance. The affirmed rating also benefits from satisfactory management of collateral servicing and transaction administration.
Cagamas MBS is a limited purpose entity and a unit of Cagamas Holdings Bhd whose principal activities are restricted to securitising government staff housing loans, originated under both Islamic and conventional principles, from the Government of Malaysia, by issuing asset-backed securities.
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