Gazprombank RMBS upgraded after downgrade

12 Feb 2010

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.

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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