[RAM] RAM Ratings affirms AAA/Stable rating of Cagamas MBS's CMBS 2007-1-i

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.


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L Nurisya Abdullah
(603) 2708 8238
nurisya@ram.com.my

Tan Han Nee
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hannee@ram.com.my

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Sakinah Arifin
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