S&P assigns Mortgage Corporation of Moscow Region B-, ruBBB

Standard & Poor's said it assigned its B- long-term ratings and ruBBB national-scale rating to the financial and construction company Mortgage Corporation of Moscow Region (OJSC) (MCMR).

The outlook is stable.

"The ratings on MCMR, which is majority controlled by the Moscow Oblast (BB/positive, Russia national-scale ruAA) directly and via Moscow Regional Investment Trust Co. (OJSC) (B/positive, ruA-), reflect the company's aggressive financial and debt policies, strong exposure to construction, real-estate-market and geographical concentration risks and uncertainty about the strength of the oblast's control over the company's operations," said S&P credit analyst Felix Ejgel.

"These risks are somewhat mitigated by the support that the company receives from its owners, its good cash management and adequate liquidity."

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