[RAM] Cagamas MBS fully redeems CMBS 2007-2 ahead of maturity

RAM Ratings has received confirmation that Cagamas MBS Berhad (CMBS) fully redeemed its outstanding RM105 mil Residential Mortgage-Backed Securities 2007-2 (CMBS 2007-2) on 24 February 2025, ahead of the scheduled maturity date of 20 August 2027. CMBS 2007-2 – the AAA/Stable rating of which was last published on 23 May 2024 (click here) – was fully cash-backed.

The early redemption followed the fulfilment of the transaction’s optional redemption condition, which allows early redemption when the outstanding balance of the securitised assets reaches or falls below 10% of the initial principal balance at issuance. Consequently, we have withdrawn the rating of CMBS 2007-2 and no longer have any rating obligation in respect of the facility. 

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, a statutory body managing public sector housing financing facilities. These facilities are repaid through non-discretionary direct deductions from civil servant salaries and pensions, mitigating exposure to borrower credit risk.


Analytical contacts
L Nurisya Abdullah
(603) 3385 2492
nurisya@ram.com.my

Tan Han Nee
(603) 3385 2529
hannee@ram.com.my

Media contact
Sakinah Arifin
(603) 3385 2500
sakinah@ram.com.my