Assigned to HMLA short-term credit rating of A-3, outlook - negative - S & P. ??

Ratings Services Standard & Poor's assigned a short-term credit rating of 'A-3 "OJSC" The Agency for Housing Mortgage Lending "(HMLA) 100% owned by the Russian Federation (the rating on liabilities in foreign currency: VVV/Negativnyy/A- 3; rating on liabilities in national currency: BBB + / Negative/A-2; national scale rating: ruAAA). Long-term credit rating of "BBB" has remained unchanged. The rating outlook - Negative. High concentration of risk in the property market, the expected growth of bad loans and high political risk negatively affect the medium-term financial strategy and constrain HMLA-alone credit profile, which Standard & Poor's estimates at 'B +'. "The negative outlook reflects a forecast change in ratings of the Russian Federation. Portal Bank.ru