Scope Ratings has reviewed the performance of ROOF Poland Leasing 2014, DAC and no rating action is granted. The transaction is passing its early-amortisation triggers and meeting replenishment portfolio concentration covenants. The current weighted average margin of the portfolio has decreased to 3.58% as of 26 September 2017 from 3.75% in October 2016. Excess spread has covered all portfolio losses to date. The notes have not yet amortised because the transaction is revolving for three more replenishment periods.

ROOF Poland Leasing 2014, DAC is a securitisation of auto and vehicle leasing receivables worth PLN 1,474.9m at the restructuring date. The transaction closed on 15 December 2014 and was restructured on 2 December 2015. The leasing contracts are granted to small- and medium-sized enterprises and self-employed individuals to finance the acquisition of vehicles and machinery in Poland. The transaction has a two-year revolving period ending in December 2017 and a final maturity on 2 October 2025.

Scope continuously monitors all rated notes from ROOF Poland Leasing 2014, DAC.

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