London, 16 August 2012 -- Moody's Investors Service has assigned definitive long-term credit ratings to Notes issued by Closed Joint Stock Company Mortgage Agent of AHML 2012-1:

....Ru.Ruble 5932M Class A1 Residential Mortgage Backed Fixed Rate Bonds due 2044, Assigned Baa1 (sf)

....Ru.Ruble 5932M Class A2 Residential Mortgage Backed Fixed Rate Bonds due 2044, Assigned Baa3 (sf)

The Ru.Ruble 1318.781M Class B bonds were not rated by Moody's.

This transaction represents the sixth securitisation of Russian residential mortgage loans originated by the Agency for Housing Mortgage Lending ("AHML", Baa1/P-2) and rated by Moody's. AHML performs various roles in the transaction such as servicer, back up cash manager, and financial assistance provider; the collection accounts are also in the name of AHML. This exposes the notes to the credit of AHML: all things being equal, a downgrade of AHML current rating will lead to a downgrade of the notes.

The notes are backed by the pool of fixed rate loans, denominated in Russian Roubles and secured by mortgages on residential properties located throughout the Russian Federation. All loans are secured by mortgage certificates ("zakladnaya"), which have been transferred to the issuer. The loans have been originated by a range of local regional banks and non-banking entities in accordance with standards set by AHML.

RATINGS RATIONALE

The ratings of the notes take into account the credit quality of the underlying mortgage loan pool, from which Moody's determined the MILAN Credit Enhancement and the portfolio expected loss, as well as the transaction structure and any legal considerations as assessed in Moody's cash flow analysis.

The expected portfolio loss of 6.0% of original balance of the portfolio at closing and the MILAN Credit Enhancement of 18.0% served as input parameters for Moody's cash flow model, which is based on a probabilistic lognormal distribution as described in the report "The Lognormal Method Applied to ABS Analysis", published in July 2000.

The key driver for the MILAN Credit Enhancement number, which is lower in comparison with the previous transaction, is the weighted average loan-to-value (LTV) of 52.6% (lower than that in the previous transaction, which had current LTV of 59.4%) and low proportion of the borrowers, whose income was not verified using a tax form (13%).

The key drivers for the portfolio expected loss are (i) the performance of the seller's precedent transactions, (ii) benchmarking with comparable transactions in the Russian market and (iii) the current economic conditions in the Russian Federation.

The rating addresses the expected loss posed to investors by the legal final maturity of the notes. In Moody's opinion, the structure allows for timely payment of interest and principal with respect of the notes by the legal final maturity. Moody's ratings only address the credit risk associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors.

The amortizing Reserve Fund of RUB 264 million (2% of the initial bond balance) was partially funded at closing to the amount of RUB 92.3 million (0.7% of the initial bond balance) and the remaining balance will be funded by the excess spread. Two years after issuance and subject to certain conditions being met, the reserve fund may start amortising at 2% of the outstanding note balance down to a floor of RUB 46.1 million.

In certain situations, such as if the issuer does not have sufficient funds to make necessary payments under the notes, AHML is obligated to provide financial assistance to the issuer, which may be used to fund the reserve fund to its target amount, pay interest or repay the principal under the notes. The initial amount of the financial assistance is RUB 1.58 billion (12% of the initial note balance). This amount will start amortising at 12% of the outstanding note balance two years after issuance subject to certain conditions.

The V Score for this transaction is High, which is in line with the score assigned for the Russian RMBS sector. The High V-Score reflects uncertainty associated with legal and regulatory environment in the sector as well as the increasing delinquencies and defaults observed in the mortgage portfolios of the previous transactions during the crisis. V-Scores are a relative assessment of the quality of available credit information and of the degree of dependence on various assumptions used in determining the rating. High variability in key assumptions could expose a rating to more likelihood of rating changes. The V-Score has been assigned accordingly to the report "V-Scores and Parameter Sensitivities in the Major EMEA RMBS Sectors" published in April 2009.

Moody's Parameter Sensitivities: If the portfolio expected loss was increased from 6.0% of current balance to 13.5% of current balance, and the MILAN Credit Enhancement was increased from 18.0% to 28.8%, the model output indicates that the class A1 notes would still achieve Baa1 assuming that all other factors remained equal. If the MILAN Credit Enhancement was increased from 18% to 21.6% and the portfolio expected loss remained at 6% of the current balance, the class A2 would achieve Ba1 rating assuming that all other factors remained equal.

Moody's Parameter Sensitivities provide a quantitative/model-indicated calculation of the number of rating notches that a Moody's structured finance security may vary if certain input parameters used in the initial rating process differed. The analysis assumes that the deal has not aged and is not intended to measure how the rating of the security might migrate over time, but rather how the initial rating of the security might have differed if key rating input parameters were varied. Parameter Sensitivities for the typical EMEA RMBS transaction are calculated by stressing key variable inputs in Moody's primary rating model.

The principal methodology used in this rating was Moody's Approach to Rating RMBS in Europe, Middle East, and Africa published in June 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Other Factors used in this rating are described in Key Legal and Structural Rating Issues in Russian Securitisation Transactions published in July 2007.

In rating this transaction, Moody's used a cash flow model to model the cash flows and determine the loss for each tranche. The cash flow model evaluates all default scenarios that are then weighted considering the probabilities of the lognormal distribution assumed for the portfolio default rate. In each default scenario, the corresponding loss for each class of notes is calculated given the incoming cash flows from the assets and the outgoing payments to third parties and noteholders. Therefore, the expected loss or EL for each tranche is the sum product of (i) the probability of occurrence of each default scenario; and (ii) the loss derived from the cash flow model in each default scenario for each tranche. Moody's also considered scenarios where the Mortgage Agent has defaulted as a result of nonpayment of senior fees or interest on the notes, asset-liability mismatch, or insufficient mortgage coverage. In this case, Moody's assumed that the liquidation of assets occurred and the notes were repaid according to the post-enforcement waterfall using the proceeds of the asset liquidation assuming a recovery rate of 50%.

As such, Moody's analysis encompasses the assessment of stressed scenarios.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides relevant 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 relevant 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 relevant 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.

The rating has been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

Information sources used to prepare the rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

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 in this transaction.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Further information on the representations and warranties and enforcement mechanisms available to investors are available on http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF293002.

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Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

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Olga Gekht VP - Senior Credit Officer Structured Finance Group Moody'sInvestors Service Ltd. One Canada SquareCanary WharfLondon E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Michelangelo Margaria VP - Senior Credit Officer Structured Finance Group Telephone:+39-02-9148-1100 Releasing Office: Moody's Investors Service Ltd. One Canada SquareCanary WharfLondon E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 (C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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