OREANDA-NEWS. Fitch Ratings has withdrawn Moscow Stars B.V.'s ratings, as follows

Class A (ISIN: XS0307297225): withdrawn at 'BBsf', Outlook Stable
Class B (ISIN: XS0307297811): withdrawn at 'BBsf', Outlook Stable

Moscow Stars B.V. is a securitisation of mortgage loans originated by CB Moskommertsbank.

KEY RATING DRIVERS
The withdrawal of the ratings follows the withdrawal of CB Moskommertsbank's ratings in August 2015 and the downgrade of Kazkommertsbank, the originator's parent company (see 'Fitch Downgrades Kazkommertsbank to 'B-', Outlook Negative' dated 12 August 2015 at www.fitchratings.com). The originator's rating is an important part of Fitch's criteria for rating securitisations in emerging markets. Without it, the transaction's ratings cannot be maintained.

Before withdrawal, Fitch did not form an opinion on the notes' ratings. Given the lack of available rating on the originator, there was insufficient information for forming any opinion on the notes' ratings.

RATING SENSITIVITIES
No third party due diligence was provided or reviewed in relation to this rating action.

DUE DILIGENCE USAGE
Fitch has not checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring.

DATA ADEQUACY
Fitch has not checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring.

SOURCES OF INFORMATION
The information below was used in the analysis.
- Transaction reporting provided by The Bank of New York Mellon as of 17 September 2015
- Ratings of CB Moskommertsbank (originator) from Fitch's FI group as of 12 August 2015. Ratings were withdrawn.

MODELS
Not applicable

REPRESENTATIONS AND WARRANTIES
Not applicable