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Announcement:

Moody's: Russian ABS and RMBS note ratings unaffected by the reduction of the local currency ceiling

01 Jul 2014

London, 01 July 2014 -- Today's announcement follows the confirmation of the Russian sovereign rating at Baa1 and the decrease of the local-currency country ceiling to A2 from A1 (https://www.moodys.com/research/PR_301804). Moody's has assessed the impact of increased sovereign risk as reflected in the decrease in the local currency ceiling on the ratings of all Russian ABS and RMBS notes and concluded that there is no impact on the ratings.

The highest outstanding note rating in a Russian securitisation transaction is currently A3(sf). Therefore, the reduction in the local currency ceiling did not have a direct impact on any of the notes in Russian securitisation transactions. In addition, the securitisation transaction note ratings and their underlying assumptions already incorporate risks such as legal risk and operational risk which are in line with those implied by the revised country ceiling. As a result, the levels of credit enhancement in the Russian RMBS and ABS transactions were sufficient to absorb additional sovereign risk implied by the decreased local currency ceiling without any impact on the ratings of the associated notes. Furthermore, fast deleveraging and strong collateral performance have helped to offset the impact of the increased country risk for many notes.

Factors other than collateral risk are driving the ratings

Among the key drivers of the ratings of Russian securitisation transactions are legal and regulatory risks, as well as risks stemming from exposure to key transaction parties. Legal uncertainties in the market as well as structural features of some transactions create linkage to the ratings of key transaction parties. This linkage has prevented note ratings from achieving the country ceiling level: the highest outstanding note rating in a Russian securitisation transaction is A3(sf).

The rating of Classes A1 and A2 in Closed Joint Stock Company Mortgage Agent of AHML 2013-1 remain on review for possible downgrade pending the conclusion of the review of the Senior Unsecured debt rating of the Agency for Housing Mortgage Lending OJSC (Baa1 on Review for Possible Downgrade, P-2, "AHML"). As such the ratings of these notes are directly linked to the rating of AHML as surety provider in the transaction (see https://www.moodys.com/research/PR_296253).

Performance and credit enhancement

Most of the more seasoned Russian securitisation transactions have benefited from strong performance and fast deleveraging (see https://www.moodys.com/research/PR_302353). This created additional buffer in many of the note ratings, offsetting the impact of the decrease in the local currency ceiling.

Maria Divid
Analyst
Structured Finance Group
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Christophe de Noaillat
MD - Structured Finance
Structured Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Lyudmila Udot
AVP-Analyst
Structured Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's: Russian ABS and RMBS note ratings unaffected by the reduction of the local currency ceiling
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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