Gazprombank RMBS upgraded after downgrade

Moody’s has upgraded Russian RMBS Gazprombank Mortgage Finance 2 a week after slashing the ‘A1’ notes to Caa2 when they were redenominated from euros into roubles.

  • 12 Feb 2010

The new rating of Ba2 reflects the changed notional amount, whereas the original downgrade was based on its judgment of the redenomination as a distressed exchange, which crystallised a loss of 13% of the original principal balance.

The remaining tranches of the deal, which were already denominated in roubles, ...

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