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19 Feb 2014
Moscow, February 19, 2014 -- Moody's Interfax Rating Agency has today affirmed the Aa2.ru
National Scale Rating (NSR) of Moscow Mortgage Agency (Russia),
as well as the Aa2.ru NSR of the bank's local-currency
senior unsecured debt. The NSRs carry no specific outlook.
Moody's rating action is primarily based on Moscow Mortgage Agency's
audited financial statements for 2012 prepared under IFRS, as well
as the bank's unaudited financial statements for 2013 prepared in
accordance with local GAAP.
Please see ratings tab on the issuer/entity page on moodys.com
for information on Global Scale Rating.
RATINGS RATIONALE
Moscow Mortgage Agency's Aa2.ru NSR incorporates Moody's
assessment of a high probability of external support from the bank's
100% owner -- the City of Moscow (rated Baa1 with stable outlook),
in the event of need. The likelihood of this support is confirmed
by (1) Moscow Mortgage Agency's policy mandate as a provider --
on behalf of the Moscow government -- of social mortgage loans to
eligible Moscow citizens; (2) the presence of high-ranking
Moscow government officials on the bank's supervisory board;
and (3) substantial capital injections provided by the City of Moscow
to Moscow Mortgage Agency in the past.
Moody's adds that Moscow Mortgage Agency's Aa2.ru NSR
also factors in the bank's good financial fundamentals. Moscow
Mortgage Agency reports robust asset quality metrics: at 1 January
2014, mortgage loans overdue by more than 30 days and restructured
loans together represented less than 2% of the bank's gross
mortgage loan book, whereas legacy problem corporate loans were
fully covered by loan loss reserves. The rating agency also notes
Moscow Mortgage Agency's ample capital levels, with the statutory
capital adequacy (N1) ratio standing at 38% at 1 January 2014,
well above the regulatory minimum of 10%. This capital buffer
ensures sufficient loss absorption, should any credit losses arise
in the future, and also allows the bank to comfortably increase
its business volumes over the next two-three years without resorting
to new capital injections. Additionally, Moody's notes
Moscow Mortgage Agency's stable liquidity profile, supported
by a liquidity cushion that accounts for around 24% of total assets
(as reported at 1 January 2014 under local GAAP) and predictable cash
inflows from the bank's mortgage portfolio.
At the same time, Moscow Mortgage Agency's NSR is constrained
by the bank's limited market franchise, as it holds less than
0.5% of the Russian mortgage market. Furthermore,
according to the Moscow Mortgage Agency management data, during
2013 the bank's gross retail loan portfolio increased by just over
15%, whereas the Russian mortgage market expanded by approximately
30% over the same period, according to the Central Bank of
Russia.
WHAT COULD MOVE THE RATINGS UP/DOWN
Moscow Mortgage Agency's NSR already incorporates Moody's
assessment of a high probability of support from the City of Moscow,
and the possibility of an upgrade is therefore limited.
Significant franchise deterioration caused by curtailment of the Moscow
government programmes could lead to negative pressure on Moscow Mortgage
Agency's NSR. Any evidence indicating a lower probability
of support from the City of Moscow could result in a downgrade of the
bank's NSR.
PRINCIPAL METHODOLOGIES
The principal methodology used in this rating was Global Banks published
in May 2013. Please see the Credit Policy page on www.moodys.com
for a copy of this methodology.
Headquartered in Moscow, Russia, Moscow Mortgage Agency reported
-- according to unaudited financial statements prepared under local
GAAP -- total assets of $498 million and total equity of $211
million as at year-end 2013. The bank's net income
for 2013 stood at around $12.5 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 Methodology published in October 2012 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).
REGULATORY DISCLOSURES
For ratings issued on a program, series or category/class of debt,
this announcement provides certain regulatory disclosures in relation
to each rating of a subsequently issued bond or note of the same series
or category/class of debt or pursuant to a program for which the ratings
are derived exclusively from existing ratings in accordance with Moody's
rating practices. For ratings issued on a support provider,
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rating action for securities that derive their credit ratings from the
support provider's credit rating. For provisional ratings,
this announcement provides certain regulatory disclosures in relation
to the provisional rating assigned, and in relation to a definitive
rating that may be assigned subsequent to the final issuance of the debt,
in each case where the transaction structure and terms have not changed
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have affected the rating. For further information please see the
ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.
For any affected securities or rated entities receiving direct credit
support from the primary entity(ies) of this rating action, and
whose ratings may change as a result of this rating action, the
associated regulatory disclosures will be those of the guarantor entity.
Exceptions to this approach exist for the following disclosures,
if applicable to jurisdiction: Ancillary Services, Disclosure
to rated entity, Disclosure from rated entity.
Regulatory disclosures contained in this press release apply to the credit
rating and, if applicable, the related rating outlook or rating
review.
Please see www.moodys.com for any updates on changes to
the lead rating analyst and to the Moody's legal entity that has issued
the rating.
Please see the ratings tab on the issuer/entity page on www.moodys.com
for additional regulatory disclosures for each credit rating.
Olga G Ulyanova
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service Limited, Russian Branch
7th floor, Four Winds Plaza
21 1st Tverskaya-Yamskaya St.
Moscow 125047
Russia
Yves Lemay
MD - Banking
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
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Releasing Office:
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 affirms Aa2.ru National Scale Rating of Moscow Mortgage Agency
No Related Data.
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