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Fitch Affirms Moscow Stars B.V.

February 20, 2008 | Сbonds

Fitch Ratings-London-20 February 2008: Fitch Ratings has today affirmed the ratings assigned to the notes issued by Moscow Stars B.V. as follows:

Class A (ISIN XS0307297225): affirmed at 'BBB'; Outlook Stable

Class B (ISIN XS0307297811): affirmed at 'BB'; Outlook Stable

The affirmations of both classes reflect the good performance of the transaction to date.

The transaction was issued in July 2007, since when three month plus arrears have ranged between 0.11% and 0.76% of the outstanding portfolio. As at end-January 2008, the ratio stood at 0.51%. No loans were reported as being in arrears by more than five months.

The transaction benefits from an amortising reserve fund, which has been fully funded since closing. To date not all of the amortisation conditions have been fulfilled, which is why no excess funds have been released from the reserve fund. The portfolio is amortising at an average annualised rate of 21.65% since close, and credit enhancements have been increasing for all classes. According to the investor reports received to date, excess spread ranged from 27bps to 61bps of the outstanding portfolio each month.

The originator and servicer of the mortgage portfolio is Moskommertsbank LLC, a financial institution specialising in corporate and consumer lending, including residential mortgage lending. It is majority-owned by Kazkommertsbank ('BBB-' (BBB minus)/'F3'/Outlook Negative).

The transaction is a securitisation of first lien US dollar-denominated residential mortgage loans secured on property located in the Russian Federation ('BBB+'/'F2'/Outlook Stable). The ratings address the timely payment of interest and ultimate payment of principal in accordance with the terms of the notes.
Fitch has employed its credit cover multiple methodology in reviewing this transaction to assess the credit support available to each class of notes.

Rating Outlooks for European Structured Finance tranches provide forward-looking information to the market. An Outlook indicates the likely direction of any rating change over a one- to two-year period. For further information on Rating Outlooks, see "Scanning the Horizon - Rating Outlooks in European Structured Finance", dated 1 June 2007 and available at www.fitchratings.com.

Issue: Moscow Stars B.V., 2034-A (RMBS, FRN)

StatusCountry of riskMaturity (option)AmountIssue ratings (M/S&P/F)
early redeemedRussia12/15/2034167,267 USD-/-/Withdrawn

Company: Moscommertsbank

Full company nameCommercial bank "Moskommertsbank" (Joint-stock company)
Country of riskRussia
Country of registrationRussia


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