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MARC affirms rating on Cagamas MBS RM2.1b sukuk
by hlk Fri 08 Jul 2011, 19:36
KUALA LUMPUR: Malaysian Rating Corp Bhd (MARC) has affirmed its AAA IS rating on Cagamas MBC Bhd’s RM2.11 billion mortgage backed Islamic debt notes with a stable outlook.
It said on Friday, July 8 the rating action affects outstanding Sukuk of about RM1.78 billion.
“CMBS 2007-1-i represents the fourth residential mortgage-backed securitisation issuance by Cagamas MBS,” it said.
MARC said the transaction’s affirmed rating reflects a strong credit enhancement level of 126.61% for the outstanding Sukuk, supported by a collection account balance of RM132.59 million and an outstanding collateral pool balance of RM2.12 billion in non-defaulted mortgages.
The collateral pool, which comprises seasoned mortgages of high credit quality, has continued to show stable performance over the period under review.
The affirmed rating also benefits from satisfactory management of collateral servicing and transaction administration.
It said on Friday, July 8 the rating action affects outstanding Sukuk of about RM1.78 billion.
“CMBS 2007-1-i represents the fourth residential mortgage-backed securitisation issuance by Cagamas MBS,” it said.
MARC said the transaction’s affirmed rating reflects a strong credit enhancement level of 126.61% for the outstanding Sukuk, supported by a collection account balance of RM132.59 million and an outstanding collateral pool balance of RM2.12 billion in non-defaulted mortgages.
The collateral pool, which comprises seasoned mortgages of high credit quality, has continued to show stable performance over the period under review.
The affirmed rating also benefits from satisfactory management of collateral servicing and transaction administration.
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