WASHINGTON (Sputnik) — Fitch said it views AHML as strategically important because the agency supports housing affordability and is the sole operator of the state support program for distressed mortgage borrowers.
"Fitch Ratings has assigned Russian Agency for Housing Mortgage Lending (AHML) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) of 'BBB-' and a Short-Term Foreign Currency IDR of 'F3'," the release stated. "The Outlooks on the Long-term ratings are Stable."
The ratings are strongly supported by the agency’s unique legal status as a housing development institution, immunization from privatization and protection from bankruptcy, the release explained.
AHML has been profitable for the last five years and has sound liquidity with cash, bank placements and government security investments totaling around 51.8 billion rubles ($782 million).
Furthermore, the agency is supported by a long-term loan from the Russian development bank Vnesheconombank.
