Scope Ratings GmbH (Scope) completed a monitoring review for ROOF Leasing Austria S.A., Compartment 2016 on 26 March 2021. The review was conducted based on available performance data as of 1 March 2021. The transaction is a revolving true-sale securitisation, which has entered the amortisation phase in October 2020. The leasing receivables were primarily granted to Austrian small- and medium-sized enterprises and private individuals, to finance new and used vehicles. The transaction closed on 30 September 2016.

Schuldschein loan, EUR 191.3m outstanding: AAA_SF

Class A (ISIN: XS1492396939), EUR 114.8m outstanding: AAA_SF

Class B (ISIN: XS1492397820), EUR 37.8m outstanding: not rated

Scope performs monitoring reviews to determine whether outstanding ratings remain proportionate. Monitoring reviews are conducted either by performing a portfolio review in terms of the applicable methodology/ies, latest developments, and the rated entity’s financial and operational aspects relative to similarly rated peers; or through targeted reviews on an individual credit. Scope publicly announces the completion of each monitoring review on its website.

Scope reviews its ratings either yearly, or every six months in the case of sovereigns, sub-sovereigns and supranational organisations. Monitoring reviews are unrelated to the calendar that outlines public finance rating actions.

This monitoring note does not constitute a rating action nor does it indicate the likelihood of a credit rating action in the short term. The latest information on the credit ratings in this monitoring note along with the associated rating history can be found on www.scoperatings.com.

Key rating factors

The four-year revolving period has concluded, during which no early-amortisation trigger was breached. The Schuldschein loan and the class A notes started amortising on the October 2020 payment date. The transaction is performing well. The delinquency ratio accounts for 0.45%, and the cumulative default ratio for 0.1% (calculation of the latter is based on defaults since the last replenishment of the portfolio). Covid-19 is very unlikely to have a significant impact on future performance.

Structural transaction elements, including sequential amortisation, available credit enhancement and excess spread are supportive of the outstanding ratings on the senior instruments. As of the January 2021 payment date, credit enhancement of the Schuldschein loan and class A notes increased to 13.1% from 9.45% at closing.
Transaction counterparties continue to support the ratings.

The methodologies used for these Credit Ratings (General Structured Finance Rating Methodology, published 14 December 2020; Consumer and Auto ABS Rating Methodology, published 3 March 2021; Methodology for Counterparty Risk in Structured Finance, published 8 July 2020) are available on https://www.scoperatings.com/#!methodology/list.
This monitoring note is issued by Scope Ratings GmbH, Lennéstraße 5, D-10785 Berlin, Tel +49 30 27891-0.
Lead analyst Adam Plajner, Senior Analyst

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