When I read things like this, I wonder whether any of us should take any notice of any credit ratings agency anywhere ever:

Russia-Based Agency for Housing Mortgage Lending OJSC Ratings Affirmed On Application Of Bank Criteria; Outlook Stable

• Agency for Housing Mortgage Lending (AHML) is 100% owned by the Russian Federation and in our view, as a government-related entity, it has a “very high likelihood” of extraordinary government support.
• Following a review of AHML under our bank criteria (published on Nov. 9, 2011), we are affirming our global-scale ratings on AHML at ‘BBB/A-3’. The outlook is stable. We are also affirming our national-scale ratings at ‘ruAAA’.
• Following the application of our bank criteria to AHML, we are revising upward its stand-alone credit profile (SACP) to ‘bb+’ from ‘bb’. The SACP reflects the ‘bb’ anchor, the agency’s “moderate” business position, “very strong” capital and earnings, “adequate” risk position, “above average” funding and “adequate” liquidity, as our criteria define those terms.

The Agency for Housing Mortgage Lending is stuffed with (and run by) Medvedev cronies whose main experience lies in funding agricultural development. Personally I wouldn’t touch it with a bargepole, but each to his own. Legend has it that the AHML has a lot of ‘virtual’ properties on its books, and was at one time a well-loved associate of the famous Royal Bank of Scotland Braindead lending department.