KUALA LUMPUR: Moody's Investors Service has affirmed the A3 local and foreign currency long-term issuer ratings, and Prime-2 (P-2) local and foreign currency short-term issuer ratings of Cagamas Bhd.
In an announcement on Tuesday, Moody's said the ratings outlook was stable.
The rating agency also affirmed the (P)A3 foreign currency senior unsecured medium-term note (MTN) program ratings of Cagamas Global P.L.C. and Cagamas Global Sukuk Bhd, as well as the A3 foreign currency senior unsecured debt ratings of Cagamas Global P.L.C.
Both Cagamas Global P.L.C. and Cagamas Global Sukuk Bhd are wholly-owned subsidiaries of Cagamas Bhd, and their principal activity is to raise funds for Cagamas Bhd.
“These rating actions follow the publication of Moody's new finance companies rating methodology, which is the primary methodology that Moody's uses to rate finance companies globally, except in jurisdictions where certain regulatory requirements must be fulfilled prior to the new methodology's implementation.
“Moody's applies its finance companies rating methodology to derive Cagamas Bhd's standalone credit assessment of baa1,” it said.
Moody's has also withdrawn the outlooks on the existing instrument ratings of Cagamas Bhd and Cagamas Global P.L.C for its own business reasons.
“The withdrawal has no impact on the rating outlook for Cagamas Bhd,” it said.
Over the course of the next year, Moody's will be withdrawing all instrument level outlooks for entities rated under the Finance Companies Rating Methodology.
Moody's also changed the outlooks on Cagamas Global P.L.C and Cagamas Sukuk Bhd to "no outlook" from stable, because these companies have not been assigned issuer ratings.
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