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Press Release
11 Aug | Tuesday
Cagamas MBS fully redeems CMBS 2005-1
RAM Ratings has received confirmation from Malaysian Trustees Berhad that Cagamas MBS Berhad had fully redeemed the outstanding RM400 mil Series A6 of its RM2.05 bil Sukuk Musyarakah Islamic Residential Mortgage-Backed Securities (CMBS 2005-1 or the Sukuk) on the maturity date of 7 August 2020. 
 
Cagamas MBS is a limited-purpose entity specifically incorporated to securitise government staff housing loans and government staff Islamic home financing from the Government of Malaysia. CMBS 2005-1 was the second issuance by Cagamas MBS, with a portfolio size of RM2.84 bil on the date of purchase. Following this redemption, RAM has withdrawn the AAA rating of CMBS 2005-1 and no longer has any rating obligation in respective of the Sukuk.
 
Analytical contact
William Tan
(603) 3385 2530
williamtan@ram.com.my
 
Media contact
Padthma Subbiah
(603) 3385 2577
padthma@ram.com.my
 
Date of release: 10 August 2020
 
The credit rating is not a recommendation to purchase, sell or hold a security, inasmuch as it does not comment on the security’s market price or its suitability for a particular investor, nor does it involve any audit by RAM Ratings. The credit rating also does not reflect the legality and enforceability of financial obligations.
 
RAM Ratings receives compensation for its rating services, normally paid by the issuers of such securities or the rated entity, and sometimes third parties participating in marketing the securities, insurers, guarantors, other obligors, underwriters, etc. The receipt of this compensation has no influence on RAM Ratings’ credit opinions or other analytical processes. In all instances, RAM Ratings is committed to preserving the objectivity, integrity and independence of its ratings. Rating fees are communicated to clients prior to the issuance of rating opinions. While RAM Ratings reserves the right to disseminate the ratings, it receives no payment for doing so, except for subscriptions to its publications.
 
Similarly, the disclaimers above also apply to RAM Ratings’ credit-related analyses and commentaries, where relevant.
 
Published by RAM Rating Services Berhad
Copyright 2020 by RAM Rating Services Berhad
source: RAM Ratings
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