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Announcement:

Moody's Interfax Rating Agency affirms Aa2.ru of Moscow Mortgage Agency (Russia)

31 Aug 2011

Moscow, August 31, 2011 -- Moody's Interfax Rating Agency has today affirmed the Aa2.ru long-term national-scale credit ratings (NSR) of Moscow Mortgage Agency (MMA). NSRs carry no specific outlook.

Please see ratings tab on the issuer/entity page on moodys.com for information on the Global scale rating.

Moody's Interfax assessment is primarily based on MMA's audited financial statements for 2010 prepared under IFRS, signed on 24 June 2011.

RATINGS RATIONALE

MMA's Aa2.ru NSRs continue to map to the Ba2 long-term local currency rating assigned by Moody's Investors Service, which incorporates (i) the standalone E+ BFSR, which maps to B3 on the long-term scale; and (ii) a high probability of support from the bank's 100% owner, the City of Moscow (Baa1, stable).

MMA's E+ BFSR is constrained by the limitations of MMA's niche market, predominantly under the City of Moscow's funding programmes. This renders its business potentially exposed to changes in the strategic priorities of the City's government. These constraints also result in weak revenue generation, compared with independent market players. MMA could find it difficult to withstand competition outside of its core segment due to its historically limited experience of operating in a competitive environment, as illustrated by the weak performance of its corporate loan book, where over 40% loans are non-performing. In addition, MMA's funding has historically been significantly dependent on the shareholders' desire to provide financing via capital and wholesale funding.

At the same time, MMA's ratings are supported by the ample capitalisation (with a total Tier 1 ratio of 80% at end-2010) and the substantial barriers to MMA's niche market which shields it from competition. MMA's retail portfolio exposure benefits from better-than-average asset quality (non-performing loans (NPLs) lower than 1%) due to natural credit enhancements (e.g., low loan-to-value (LTV) and debt-to-income (DTI) ratios) and operations in the Moscow region that demonstrate better economic performance, compared with other regions.

The high probability of support from the city is underpinned by (i) the strategic fit, given the policy role MMA fulfils for the City in terms of supporting the City's program of providing mortgages to individuals in Moscow who acquire residential properties at prices below market; (ii) successive capital injections from the City government since MMA's inception in 2000; and (iii) the presence of high-ranking Moscow officials on its supervisory board.

MMA's NSRs have limited upside potential at its current level. Credit-positive implications for the NSRs could stem from a growing market share in residential mortgage lending outside of the government's social programmes. This would likely result in a sustained improvement in earnings. MMA would also benefit from diversifying its funding base. More evidence of its strategic fit to the Moscow government could ensure positive ratings pressure.

A material deterioration in asset quality and liquidity could have negative implications for MMA's NSRs. Any evidence indicating a lower probability of support from the City of Moscow -- especially after the new City administration came into power -- could result in a downgrade of MMA's ratings.

PREVIOUS RATING ACTIONS AND PRINCIPAL METHODOLOGIES

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The principal methodologies used in this rating were Bank Financial Strength Ratings: Global Methodology, published in February 2007, and Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology, published in March 2007. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Domiciled in Moscow, MMA reported -- as at 31 December 2010 -- total IFRS (audited) assets of approximately USD340 million and total equity of approximately USD210 million. The bank's net income for 2010 amounted to approximately USD10 million.

Moody's Interfax Rating Agency's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".ru" for Russia. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Implementation Guidance published in August 2010 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings."

ABOUT MOODY'S AND MOODY'S INTERFAX

Moody's Interfax Rating Agency (MIRA) specializes in credit risk analysis in Russia. MIRA is a joint-venture between Moody's Investors Service, a leading provider of credit ratings, research and analysis covering debt instruments and securities in the global capital markets, and the Interfax Information Services Group. Moody's Investors Service is a subsidiary of Moody's Corporation (NYSE: MCO).

Moscow
Vladlen Kuznetsov
Asst Vice President - Analyst
Financial Institutions Group
Moody's Investors Service Limited, Moscow Branch
Telephone: +7 495 228 6060
Facsimile: +7 495 228 6091

London
Yves Lemay
MD - Banking
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's Interfax Rating Agency
7th floor, Four Winds Plaza
21 1st Tverskaya-Yamskaya St.
Moscow 125047
Russia
Telephone: +7 495 228 6060
Facsimile: +7 495 228 6091

Moody's Interfax Rating Agency affirms Aa2.ru of Moscow Mortgage Agency (Russia)
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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