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RAM Ratings affirms AAA/Stable rating of Cagamas MBS
Published on 26 May 2025.
RAM Ratings has affirmed the AAA/Stable rating of Cagamas MBS Berhad’s (CMBS) residential mortgage-backed securities (CMBS 2007-1-i), premised on the fully cash-backed position of the issuance.
The RM290 mil outstanding balance of CMBS 2007-1-i has robust credit protection, with the overcollateralisation ratio standing at 242.09% as at end-July 2024.
CMBS is a limited-purpose entity established to securitise government staff housing loans and government staff Islamic home financing facilities provided by Lembaga Pembiayaan Perumahan Sektor Awam (LPPSA), a statutory body managing public sector housing financing facilities. These facilities are repaid via non-discretionary direct deductions from civil servant salaries and pensions, mitigating exposure to borrower credit risk. Overall, LPPSA demonstrated adequate servicing capabilities during the review period.
Analytical contacts
L Nurisya Abdullah
(603) 2708 8238
nurisya@ram.com.my
Tan Han Nee
(603) 2708 8322
hannee@ram.com.my
Media contact
Sakinah Arifin
(603) 2708 8212
sakinah@ram.com.my
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 2025 by RAM Rating Services Berhad
