(The following statement was released by the rating agency)LONDON, April 03 (Fitch) Fitch Ratings has affirmed Roof Russia DPR Finance Company S.A.'s (Roof Russia DPR) series 2012-A, 2012-B and 2012-C at 'A-'and revised the Outlooks to Negative from Stable.KEY RATING DRIVERSThe rating actions follow Fitch's recent rating actions on ZAO Raiffeisenbank (RBRU, BBB+/Negative/F2) following the revision of the Outlook on Russia's Long-term Issuer Default Rating (IDR) to Negative from Stable (for further information see "Fitch Revises 15 Russian Banks' Outlooks to Negative on Sovereign Change", dated 24 March 2014 and "Fitch Revises Russia's Outlook to Negative; Affirms at 'BBB'", dated 21 March 2014 at 
  www.fitchratings.com
 ).Roof Russia DPR is currently rated one notch above RBRU's local currency IDR (BBB+/Negative). The Negative Outlooks on the bank and the Russian sovereign primarily reflect the country risk related to sanctions on Russia and their possible impact on the economy and business environment. RBRU has been assigned a Going Concern Assessment (GCA) score of 3, which allows a maximum uplift for Roof Russia DPR's notes of two notches above the originator's local currency IDR, according to Fitch's Future Flow Securitization Criteria. This differential is tempered if the originator's local currency IDR incorporates parental support, as is currently the case for RBRU, which is owned by Raiffeisen Bank International AG (RBI, A/Negative/F1). While the Negative Outlook on Roof Russia DPR reflects the Outlook on RBRU, any rating action on the bank may not necessarily lead to an equivalent action on the transaction due to the rating differential.Roof Russia DPR is a securitisation of diversified payment rights (DPRs) originated by RBRU. DPRs are hard currency payment orders processed by banks. They can arise from a variety of sources but mainly reflect payments due on the export of goods and services, capital flows, personal remittances and in particular oil and gas exports. The majority of the DPRs settled by RBRU derive from energy exports from a small number of large oil & gas exporters and are mostly US dollar-denominated.As of the latest reports, the tested collections debt service coverage ratios (DSCR) levels were well above trigger levels. The monthly (February 2014) and quarterly (December 2013) DSCR ratios were 106x and 139x, respectively. These only include non-Russian flows from designated depositary banks (DDBs), exclude payments to RBRU's affiliates and include haircuts for the largest beneficiaries. The proportion of quarterly collections from DDBs was 72% as of December 2013 and remains above the 60% trigger.RATING SENSITIVITIESThe most significant variables affecting the transaction's rating are the credit quality of the bank, its GCA score, and the sovereign rating. Although coverage levels are also a key input, the DSCRs have been consistently high, and therefore the transaction should be able to withstand a significant decline in cash flows without affecting the ratings. Nevertheless, a Fitch would analyse a change in any of these variables to assess the possible impact on the transaction's rating.Contacts: Lead Surveillance AnalystAnna MartinezAssociate Director+44 20 3530 1560Fitch Ratings Limited30 North ColonnadeLondon E14 5GNCommittee ChairpersonAndreas WilgenManaging Director+44 20 3530 1171Media Relations: Athos Larkou, London, Tel: +44 203 530 1549, Email: athos.larkou@fitchratings.com.Additional information is available at 
  www.fitchratings.com.
 Sources of information: transaction documentation, servicer reports and payments reports provided by the issuer.Applicable criteria, 'Global Structured Finance Rating Criteria', dated 13 May 2013 and 'Future Flow Securitization Rating Criteria', dated 18 June 2013 are available at 
  www.fitchratings.com.
 Applicable Criteria and Related Research: Global Structured Finance Rating Criteria
  http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661
 Future Flow Securitization Rating Criteria
  http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=711077
 Additional Disclosure Solicitation Status 
  http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=826123
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