21.   The rating reflects the unconditional, irrevocable and proportionate guarantee provided by Malayan Banking, Pacific Bank, Arab-Malaysian Merchant Bank, and Bank Utama.

22.   The rating reflects the exceptional asset quality of Cagamas arising from housing mortgage loans purchased with full recourse to the originators.

23.   The rating reflects the operating environment and financial profile of Ornasteel Enterprise Corp.

24.   The rating also reflects its strong profitability with good earnings quality and a stable funding base which comprise mainly customer deposits.

25.   The rating reflects the strength of the unconditional and irrevocable guarantee provided by RHB Bank Bhd and Public Bank Bhd.