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Moody`s upgraded credit ratings of five AHML’s mortgage-backed security issues.
Moscow, 4 October 2013. Moody`s Investors Service upgraded credit ratings of the senior classes of five Class À mortgage-backed bond issues of CJSC Mortgage Agent of AHML 2010-1, CJSC Mortgage Agent of AHML 2011-2, and CJSC Mortgage Agent of AHML 2012-1.
The credit rating of Class À2 bonds of CJSC Mortgage Agent of AHML 2010-1 was upgraded from Âàà3 to À3; Class À1 bonds of CJSC Mortgage Agent of AHML 2011-2 from Âàà1 to À3, and Class À2 bonds from Âàà3 to Âàà1; Class A1 bonds of CJSC Mortgage Agent of AHML 2012-1 from Âàà1 to À3, and Class À2 from Âàà3 to Âàà1.
According to Moody`s analysts, such upgrade was driven by lower regulatory risks of housing mortgage agents due to the Federal Law On Mortgage-Backed Securities amended in December 2012. AHML actively contributed to the amendments.
The assigned ratings, some of which are higher than Russia’s sovereign credit rating (currently, Âàà1), speak for the high credit quality of AHML’s mortgage-backed securities.
“We are very content with the high credibility of our mortgage-backed securities appreciated and with the upgrade above the sovereign rating as assigned by Moody`s Investors Service. It means that the Agency uses appropriate structures and models in its mortgage-backed securities issuance, and proves the high quality of underlying mortgage pools. AHML is going to do more to develop mortgage asset securitisation tools. The nearest target is to establish a multi-originator platform allowing for joint issuance of mortgage-backed securities by several market players at a time. This will help reduce mortgage pooling and deal preparation time, along with boosting return on issuance of mortgage-backed securities by smaller banks and regional mortgage market operators. The Agency also believes it necessary to introduce certain statutory amendments as provided for by the mortgage risk mitigation plan approved by the Russian Government”, said Aleksander Semenyaka, AHML’s CEO.
The Agency is the major issuer of mortgage-backed securities in Russia. AHML mortgage agents’ share in domestic securitisation deals is 36%. From 2007 to 2013, the Agency issued nine mortgage-backed bond issues for a total of RUB 92.6bn.
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