Scope Ratings has reviewed the performance of ROOF Leasing Austria S.A., Compartment 2016 and no rating action is warranted. (Current ratings on the transaction are available here and here.) Early amortisation triggers are in compliance and replenishment covenants that protect against portfolio credit deterioration have not been breached since closing. The replenishment period ends on 16 October 2020, unless a trigger fails. Scope’s analysis is based on reporting through 15 January 2019.

The level of ‘30+ days past due’ delinquencies is low, accounting for 0.25% of the outstanding portfolio, which is significantly below the 1.90% early amortization trigger level. Additionally, the 0.13% 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, as well as The Bank of New York Mellon as account bank and calculation agent. Austria’s competitive and stable economy continue to benefit the transaction.

The transaction is a true-sale securitisation of a EUR 437.9m revolving portfolio of auto lease receivables with limited residual value risk. The contracts were granted by three originators operating within the Raiffeisen Bank International AG holding structure, which were primarily issued to SMEs and private individuals in Austria. Credit enhancement for the Schuldschein Loan and Class A tranche remains 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.