MARC Ratings affirms ratings on Cagamas MBS' asset-backed Sukuk Musyarakah and fixed rate serial bonds

MARC Ratings has affirmed its AAAIS and AAA ratings on Cagamas MBS Berhad's asset-backed Sukuk Musyarakah issuance (CMBS 2007-1-i) and fixed rate serial bonds issuances (CMBS 2005-2; CMBS 2007-2). The outlook on all ratings is stable.

Cagamas MBS was established to undertake the securitisation of conventional and Islamic home financing originated by the Malaysian government. The affirmed ratings and outlook reflect the fully cash-collateralised position of CMBS 2005-2 and CMBS 2007-2, as well as CMBS 2007-1-i's sustained high credit enhancement level, among other key factors.

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