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Rating Action:

Moody's downgrades 22 tranches in 16 Russian RMBS transactions

27 Feb 2015

Rating actions follow the lowering of Russia's local-currency bond ceiling; ratings in 4 transactions taken off review for downgrade

London, 27 February 2015 -- Moody's Investors Service has today downgraded 22 tranches and confirmed 1 tranche in 16 Russian residential mortgage-backed securities (RMBS) transactions and concluded its review for downgrade for four transactions.

The list of affected ratings is at the end of this press release.

The rating actions follow the weakening of Russia's credit profile as reflected in Moody's decision on 20 February 2015 to lower Russia's government bond rating to Ba1, and the lowering of the local-currency bond and deposit ceilings to Baa3 from Baa2.

For additional information on the sovereign action, please refer to the related announcement "Moody's downgrades Russia's sovereign rating to Ba1 from Baa3; outlook negative" (http://www.moodys.com/viewresearchdoc.aspx?docid=PR_318857), published on 20 February 2015.

The rating action also reflects the long-term senior unsecured debt ratings of the Agency for Housing Mortgage Lending OJSC and the long-term domestic bank deposit rating of VTB24.

In Closed Joint Stock Company Mortgage agent of AHML 2014-1 transaction, AHML acts as a surety provider for the senior notes. In the CJSC Mortgage Agent VTB 24-1 and VTB24-2, VTB24 acts as a provider of financial assistance for the transactions.

RATINGS RATIONALE

The reduction of the local-currency bond ceiling reflects an increased probability of high losses on the underlying collateral resulting from any political, economic or financial dislocation accompanying a material deterioration in Russia's credit environment.

Because of the increase in country risk associated with the lowering of Russia's local-currency bond ceiling to Baa3 from Baa2, Moody's downgraded the ratings in

--- Closed Joint Stock Company Mortgage Agent series of deals of AHML 2010-1, 2011-2, AHML 2012-1, AHML 2014-1, Second Mortgage Agent of AMHL

--- Closed Joint Stock Company Mortgage agent VTB24-1 and VTB24-2

--- Closed Joint Stock Company Mortgage Agent Vozrozhdenie 1, Vozrozhdenie 2 and Vozrozhdenie 3

--- Closed Joint Stock Company Mortgage Agent Raiffeisen 01

--- Specialised Mortgage Agent GPB-Mortgage 2

--- Closed Joint Stock Company Mortgage Agent NOMOS

--- Closed Joint Stock Company "Mortgage Agent Europe 2012-1".

Additionally, the linkage to Agency for Housing Mortgage Lending OJSC as a surety provider prompted Moody's to downgrade tranche A3 in Closed Joint Stock Company Mortgage Agent of AHML 2014-1.

Moody's has taken off review for downgrade the ratings on all rated notes in CJSC Mortgage Agent of AHML 2014-1 and CJSC Mortgage Agent VTB24-2.

Moody's has also reviewed the ratings in two USD-denominated transactions. Due to the increase in country risk associated with the decrease in the local-currency bond ceiling to Baa3 from Baa2, Moody's downgraded all ratings in Red & Black Prime Russia MBS No. 1 Limited and tranches A and B in Russian Mortgage Backed Securities 2006-1 S.A.

Moody's has taken off review for downgrade the ratings on all rated notes in Red & Black Prime Russia MBS No. 1 Limited and Russian Mortgage Backed Securities 2006-1 S.A. The redenomination concerns for these deals have eased in the near-term, but remain present.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:

Factors or circumstances that could lead to an upgrade of the ratings include (1) a reduction in sovereign risk; (2) improved performance of the underlying collateral that exceeds Moody's expectations; (3) deleveraging of the capital structures; and (4) improvements in the credit quality of the transaction counterparties.

Factors or circumstances that could lead to a downgrade of the ratings include (1) a further increase in sovereign risk; (2) underlying collateral performance that is worse than Moody's expects; (3) deterioration in the notes' available credit enhancement; and (4) further deterioration in the credit quality of the transaction counterparties.

Principal Methodology:

The principal methodology used in these ratings was "Moody's Approach to Rating RMBS Using the MILAN Framework" published in January 2015. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

List of Affected Ratings:

Issuer: CJSC Mortgage Agent Europe 2012-1

....RUB 2354.893 million Class A Notes, Downgraded to Baa3 (sf); previously on Oct 1, 2013 Upgraded to Baa2 (sf)

Issuer: CJSC Mortgage Agent NOMOS

....RUB 3753.253 million Class A Notes, Downgraded to Baa3 (sf); previously on Oct 1, 2013 Upgraded to Baa2 (sf)

Issuer: CJSC Mortgage Agent of AHML 2010-1

....RUB 6096 million Class A2 Notes, Downgraded to Baa3 (sf); previously on Jan 23, 2015 Downgraded to Baa2 (sf)

Issuer: CJSC Mortgage Agent of AHML 2011-2

....RUB 7457 million Class A2 Notes, Downgraded to Baa3 (sf); previously on Jan 23, 2015 Downgraded to Baa2 (sf)

Issuer: CJSC Mortgage Agent of AHML 2012-1

....RUB 5932 million Class A1 Notes, Downgraded to Baa3 (sf); previously on Jan 23, 2015 Downgraded to Baa2 (sf)

....RUB 5932 million Class A2 Notes, Downgraded to Baa3 (sf); previously on Jan 23, 2015 Downgraded to Baa2 (sf)

Issuer: CJSC Mortgage Agent of AHML 2014-1

....RUB 6323 million Class A1 Notes, Downgraded to Baa3 (sf); previously on Jan 23, 2015 Downgraded to Baa2 (sf) and Remained On Review for Possible Downgrade

....RUB 6323 million Class A2 Notes, Downgraded to Baa3 (sf); previously on Jan 23, 2015 Downgraded to Baa2 (sf) and Remained On Review for Possible Downgrade

....RUB 6323 million Class A3 Notes, Downgraded to Ba1 (sf); previously on Jan 23, 2015 Downgraded to Baa3 (sf) and Remained On Review for Possible Downgrade

Issuer: Closed Joint Stock Company Mortgage Agent Raiffeisen 01

....RUB 4070 million Class A Notes, Downgraded to Baa3 (sf); previously on Jan 23, 2015 Downgraded to Baa2 (sf)

Issuer: C.J.S.C. Mortgage Agent Vozrozhdenie 1

....RUB 2931.6 million Class A Notes, Downgraded to Baa3 (sf); previously on Dec 28, 2011 Definitive Rating Assigned Baa2 (sf)

Issuer: C.J.S.C. Mortgage Agent Vozrozhdenie 2

....RUB 2960 million Class A Notes, Downgraded to Baa3 (sf); previously on Oct 1, 2013 Upgraded to Baa2 (sf)

Issuer: CJSC Mortgage Agent Vozrozhdenie 3

....RUB 3000 million Class A Notes, Downgraded to Baa3 (sf); previously on Mar 26, 2014 Assigned Baa2 (sf)

Issuer: Closed Joint Stock Company Mortgage Agent VTB24-1

....RUB 15800 million Class A Notes, Downgraded to Baa3 (sf); previously on Jan 23, 2015 Downgraded to Baa2 (sf)

Issuer: Closed Joint Stock Company Mortgage agent VTB24-2

....RUB 26300 million Class A Notes, Downgraded to Baa3 (sf); previously on Dec 30, 2014 Baa2 (sf) Placed Under Review for Possible Downgrade

Issuer: Closed Joint Stock Company Second Mortgage Agent of AHML

....RUB 9440 million Class A Notes, Downgraded to Baa3 (sf); previously on Jan 23, 2015 Downgraded to Baa2 (sf)

Issuer: Red & Black Prime Russia MBS No. 1 Limited

....US$ 173.2 million Class A Notes, Downgraded to Baa3 (sf); previously on Jan 23, 2015 Downgraded to Baa2 (sf) and Remained On Review for Possible Downgrade

....US$ 14.5 million Class B Notes, Downgraded to Ba1 (sf); previously on Dec 29, 2014 Baa2 (sf) Placed Under Review for Possible Downgrade

....US$ 18.6 million Class C Notes, Downgraded to Ba3 (sf); previously on Dec 29, 2014 Ba2 (sf) Placed Under Review for Possible Downgrade

Issuer: Specialised Mortgage Agent GPB-Mortgage 2

....RUB 5506.8 million Class A Notes, Downgraded to Baa3 (sf); previously on Jun 20, 2011 Definitive Rating Assigned Baa2 (sf)

Issuer: Russian Mortgage Backed Securities 2006-1 S.A.

....US$ 74.2 million Class A Notes, Downgraded to Baa3 (sf); previously on Jan 23, 2015 Downgraded to Baa2 (sf) and Placed Under Review for Possible Downgrade

....US$ 10.6 million Class B Notes, Downgraded to Baa3 (sf); previously on Jan 23, 2015 Baa2 (sf) Placed Under Review for Possible Downgrade

....US$ 3.5 million Class C Notes, Confirmed at B2 (sf); previously on Jan 23, 2015 B2 (sf) Placed Under Review for Possible Downgrade

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions of the disclosure form.

Moody's did not receive or take into account a third-party assessment on the due diligence performed regarding the underlying assets or financial instruments related to the monitoring of these transactions in the past six months.

The analysis relies on an assessment of collateral characteristics to determine the collateral loss distribution, that is, the function that correlates to an assumption about the likelihood of occurrence to each level of possible losses in the collateral. As a second step, Moody's evaluates each possible collateral loss scenario using a model that replicates the relevant structural features to derive payments and therefore the ultimate potential losses for each rated instrument. The loss a rated instrument incurs in each collateral loss scenario, weighted by assumptions about the likelihood of events in that scenario occurring, results in the expected loss of the rated instrument.

Moody's quantitative analysis entails an evaluation of scenarios that stress factors contributing to sensitivity of ratings and take into account the likelihood of severe collateral losses or impaired cash flows. Moody's weights the impact on the rated instruments based on its assumptions of the likelihood of the events in such scenarios occurring.

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, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular 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 prior to the assignment of the definitive rating in a manner that would 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.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

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.

Ruslan Akhmetshin
Associate 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

Masako Oshima
Senior Vice President
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 downgrades 22 tranches in 16 Russian RMBS transactions
No Related Data.
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