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S&P: Rating Methodology And Assumptions For Russian RMBS Published

January 31, 2008 | Cbonds

LONDON (Standard & Poor's) Jan. 31, 2008—Standard & Poor's Ratings Services said today that it has published its rating methodology and assumptions for Russian residential mortgage-backed securities (RMBS).

The Russian mortgage market has expanded since 2005, mainly driven by a combination of benign macroeconomic and monetary conditions and the expansion of the private housing sector. In line with this expansion, the capital markets have seen the emergence of securitization of Russian mortgage lending receivables in RMBS transactions as an alternative funding source for Russian mortgage lenders.

To accommodate the emergence of this financing tool in Russia we have published our methodology and assumptions for rating RMBS transactions backed by Russian residential mortgage loans.

The principal focus of the article is an outline of the factors and assumptions regarding credit, cash flow, and sovereign risks that we apply in assigning ratings to a Russian RMBS transaction, a review of certain relevant legal considerations, and an overview of the surveillance process after a transaction has closed. The article is structured to initially address the more granular activity of credit analysis, and ultimately progress through to the ongoing post-closing surveillance process.

The full criteria article, "Rating Methodology And Assumptions For Russian RMBS," was published today and is available to subscribers of RatingsDirect, Standard & Poor's Web-based credit analysis system, at www.ratingsdirect.com. It is also available on Standard & Poor's Web site at www.standardandpoors.com. Select Credit Ratings, then find the article under Criteria & Definitions. Alternatively, call Client Support Europe on (44) 20-7176-7176. Members of the media may contact the Press Office Hotline on (44) 20-7176-3605 or via media_europe@standardandpoors.com. Local media contact numbers are: Paris (33) 1-4420-6657; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5914; or Moscow (7) 495-783-4003.

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