Moody's has published updated servicer report for Russian Standard Bank | 08:36 |
| Servicer Quality Rating of SQ3 and Servicer National Scale Rating of SQ2.ru affirmed as Primary Servicer of Russian Consumer Loans London, 15 January 2009 -- Moody's Investors Service has published an updated servicer report for Russian Standard Bank ("RSB") on www.moodys.com following its review. RSB has a Servicer Quality Rating of SQ3 and a Servicer National Scale Rating of SQ2.ru as Primary Servicer. The rating applies solely to the quality of RSB's servicing of Russian secured and unsecured consumer loans (credit cards receivable, car loans, point of sale and personal loans). RSB's SQ NSR rating (SQ2.ru) should only be used for domestic analysis comparison (i.e. with other Primary Servicers in Russia) and can not be compared with EMEA SQ ratings. MOODY'S SQ NATIONAL SCALE RATINGS (SQ NSR) SQ NSRs are based on the same areas of review as the one used for EMEA SQ Ratings (for more information, see the next section). SQ NSRs are denoted with the suffix (".nn") to indicate that the ratings are on national scale ratings and should solely be used for domestic assessments (e.g. "ru" means the rating is a SQ NSR for a Russian servicer entity). Initially, Moody's is introducing SQ NSRs for the Russian market as it is one of the markets that has grown significantly over recent years. The financial stability area is the sole area that differs between an EMEA SQ and a SQ NSR: EMEA financial stability analysis is based on the global credit scale public rating while SQ NSR financial stability analysis takes into account the national credit scale public rating of the servicer. In case where the servicer is not rated by Moody's, Moody's will perform an internal assessment of the entity's financial credit quality to derive an EMEA and national financial stability score. For more details about the SQ NSR methodology, see "Introduction of Servicer Quality National Scale Ratings and Moody's Updated EMEA Servicer Quality Rating Scores", March 2008 MOODY'S SQ RATINGS Moody's Servicer Quality (SQ) ratings are opinions regarding the ability of a loan servicer to effectively prevent or mitigate losses in a securitisation. The SQ approach evaluates how effective a servicer is at either preventing defaults in the first place or maximizing the recoveries to a transaction when defaults do occur. The SQ rating also considers the operational and financial stability of a servicer. This assessment is based on the company's organisational structure and management characteristics, its financial profile, operational controls and procedures as well as its strategic goals. SQ ratings are provided for servicers who act as the Primary Servicer (servicing the loans from the beginning to the end), Special Servicer (servicing only the more delinquent loans), or Master Servicer (overseeing the performance and reporting from all of the servicers). For Primary Servicers, the rating will apply only to the loan types identified in the Servicer Quality Opinion. SQ ratings are reviewed at least annually in order to address potential changes in a servicer's strategy, portfolio, operational guidelines or overall performance. The rating scale ranges from SQ1 (strong) to SQ5 (weak). Where appropriate, a " " or "-" modifier will be appended to the SQ2, SQ3, and SQ4 rating category and a "-" modifier will be appended to the SQ1 rating category. A " " modifier indicates the servicer ranks in the higher end of the designated rating category. A "-" modifier indicates the servicer ranks in the lower end of the designated rating category. For details about Moody's SQ methodology, see "Asset-Backed Servicer Quality ("SQ") Ratings in EMEA: Moody's Methodology," April 2005. | |
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