Fitch affirms Moscow Stars

Fitch Ratings said it affirmed Moscow Stars BV, classes A and B, as follows: class A affirmed at BBB, outlook stable, and class B affirmed at BB, outlook stable.

The agency said that the affirmations follow a review of the transaction's performance in light of developments in the Kazkhstani banking sector and the resulting impact on Kazkommerts Bank, the majority owner and controller of Moskommertsbank.

In Fitch's view, the maximum rating a structured finance issuance can be assigned is linked to the creditworthiness of the originator and this structure is in place to cover legal uncertainties that may materialize in a scenario where the current procedures need to be replaced by a backup solution and the true sale would need to be enforced against the insolvent entity.

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