No rating action is granted. According to quarterly reporting dating back to 17 October 2016, all early amortisation triggers in the transaction are in compliance and replenishment covenants that protect against portfolio credit deterioration have not been breached. The revolving period ends on 16 October 2020, unless a trigger fails.

The level of ‘30+ days past due’ delinquencies is low, at 0.01% of the outstanding portfolio, which is significantly below the 1.90% amortization trigger level. Additionally, the 0.08% gross loss ratio is well below the 0.75% trigger level.

The transaction continues to be supported by the credit quality of Raiffeisen Bank International AG and its three subsidiaries acting as servicers in the transaction, and The Bank of New York Mellon as account bank and calculation agent. The continuation of Austria’s economic recovery will also benefit the transaction.

The transaction is a true-sale securitisation of a EUR 437.9m revolving portfolio of auto leasing receivables with limited residual value risk. The contracts were granted by three originators operating within the Raiffeisen Bank International AG holding structure, and were primarily issued to SMEs and private individuals in Austria. Credit enhancement for the Schuldschein Loan and Class A tranche holds at 9.45%. The transaction closed on 30 September 2016 and has a legal maturity of 15 January 2031.

Scope continuously monitors ROOF Leasing Austria S.A., Compartment 2016.

Ratings and research are freely available at www.scoperatings.com.