Scope Ratings publishes the rating report for GNB Auto Plan 2017 SP. Z O.O., a revolving true-sale securitisation of auto loans that have been granted to Polish individuals and SMEs. The report contains Scope's credit analysis regarding the rating assigned to the Senior Bond, as well as important regulatory disclosures.

Click here to access the full rating report.

The transaction is a true-sale securitisation of a PLN 700m revolving portfolio of auto loans with no residual value risk. The credits have been granted to private individuals and SMEs in Poland for the purchase of both new and used vehicles. The rated Senior Bond has a notional balance of PLN 500 and is protected through a combination of overcollateralisation and excess spread.

GNB Auto Plan 2017 SP. Z O.O. provides liquidity/funding for Getin Noble Bank SA, which serves as both the originator and servicer. This is Scope's first rating of a Polish auto loan ABS, which is also the first issuance for the country this year.