OREANDA-NEWS. Fitch Ratings has today assigned expected ratings to Red & Black Prime Russia MBS No.1 Limited's Class A, B and C notes of "A", "BBB+" and "BB+" respectively.

The transaction represents the first cross-border RMBS transaction for the originator, DeltaCredit Bank, a Russian financial institution specialised in residential mortgage lending. DeltaCredit Bank is fully owned by Societe Generale ("AA/F1+") and is the third largest mortgage loan originator in the Russian Federation ("BBB+", Country Ceiling of "A-" (A minus)).

The transaction is a USD215,4m securitisation of first-lien US dollar-denominated, Russian law residential mortgage loans together with their ancillary rights.