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Announcement:

Moody's determines no negative rating impact on six Russian RMBS transactions originated by AHML due to changes to the servicing agreements

28 Apr 2014

London, 28 April 2014 -- Moody's Investors Service, ("Moody's") has determined that changes to the servicing agreements listed below would not, in and of themselves and as of this time, result in the downgrade or withdrawal of the current ratings of the notes (the "Notes") issued by Closed Joint Stock Company First Mortgage Agent of AHML, Closed Joint Stock Company Mortgage Agent of AHML 2008-1, Closed Joint Stock Company Second Mortgage Agent of AHML, Closed Joint Stock Company Mortgage Agent of AHML 2010-1, Closed Joint Stock Company Mortgage Agent of AHML 2011-2 and Closed Joint Stock Company Mortgage Agent of AHML 2012-1, (the "Issuers").

The Issuers have made changes to the servicing agreements in order to standardise the servicing agreements across all AHML transactions. The changes to the servicing agreements include (among others):

- Ability to remove life and health insurance policies at the request of the borrower.

- Right to grant a subordinated loan to a borrower in case the borrower is over 89 days in arrears or if the subordinated loan will be used to fully repay the securitised mortgage.

- Ability to make changes to property securing the mortgage if such change is required by the law of the Russian Federation.

- Ability to decide on charging or waiving penalties for non-payment.

- Obligation to provide legal services to the Issuer, without charging an extra fee, in case of the insolvency proceedings against the Issuer if the Issuer does not have sufficient funds to obtain legal services elsewhere.

- Requirement for the servicer to accumulate all collections in the issuer account. The funds from the issuer account will be transferred to collateral account on a quarterly basis by the management company.

- Accumulation of all insurance payments on the servicer account and monthly transfer to the issuer account.

- Reduction in servicing fee.

Also the changes have been made to the servicing agreements of Closed Joint Stock Company First Mortgage Agent of AHML, Closed Joint Stock Company Mortgage Agent of AHML 2008-1, Closed Joint Stock Company Second Mortgage Agent of AHML and Closed Joint Stock Company Mortgage Agent of AHML 2010-1 to permit certain loan modifications including:

- Reduction of interest rate. This loan modification could affect up to 5% of loans in the portfolio and the interest rate cannot be reduced by more than 20% of the original interest rate.

- Payment holiday or temporary reduction in periodic payment. This modification would allow to grant a three months payment holiday or to reduce the monthly payment by up to 70% for the period of 24 months. This modification will be subject to certain criteria, namely that the borrower is currently in arrears on the loan.

- Capitalisation of accrued arrears. This loan modification would allow to spread accrued arrears over the life of the mortgage.

- Maturity extension. This loan modification would allow to extend maturity of a loan. The modification is subject to a criterion that the loan cannot mature less than 3 years before the legal final maturity of the transaction.

The loan modification could affect up to 20% of loans in the portfolio (as percent of the current portfolio balance). Once a loan has been restructured, it is classified as such until it is fully repaid, and all of the changes to the loans outlined in the points above are classified as restructuring. All loan modifications will be reported in the servicer report.

Moody's has taken into account in its analysis the changes made to the servicing agreements including modelling the possible impact of the reduction of the interest rate for 5% of the loans in the portfolio and has determined that the amendment, in and of itself and at this time, will not result in the downgrade or withdrawal of the rating currently assigned to notes issued by CJSC First Mortgage Agent of AHML, CJSC Mortgage Agent of AHML 2008-1, CJSC Second Mortgage Agent of AHML, CJSC Mortgage Agent of AHML 2010-1, CJSC Mortgage Agent of AHML 2011-2 and CJSC Mortgage Agent of AHML 2012-1. Moody's opinion addresses only the credit impact associated with the proposed amendments, and Moody's is not expressing any opinion as to whether the amendments have, or could have, other non-credit related effects that may have a detrimental impact on the interests of note holders and/or counterparties.

The principal methodology used in rating and monitoring of these transactions is described in the following publication, which can be found at www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab: Moody's Approach to Rating RMBS using the MILAN Framework published in March 2014.

Moody's will continue monitoring the ratings. Any change in the ratings will be publicly disseminated by Moody's through appropriate media.

Lyudmila Udot
Asst Vice President - 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

Michelangelo Margaria
VP - Sr Credit Officer/Manager
Structured Finance Group
Telephone:+39-02-9148-1100

Olga Gekht
VP - Sr Credit Officer
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 determines no negative rating impact on six Russian RMBS transactions originated by AHML due to changes to the servicing agreements
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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