Scope performs monitoring reviews to determine whether outstanding ratings remains proportionate. Monitoring reviews are conducted either by performing a portfolio review in terms of the applicable methodologies, 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 completed the monitoring review for GNB Auto Plan 2017 SP. Z O.O. on 26 July 2021. The credit rating remains as follows:

Senior Bond (ISIN PLGNBAT00014), PLN 19.6m outstanding: AAA_SF

Mezzanine Bond, (ISIN N/A), PLN 150.0m outstanding: not rated

Subordinated Loan, (ISIN N/A), PLN 50.0m outstanding: not rated

The review was conducted based on available investor reports through the 16 June 2021 payment date. 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.

GNB Auto Plan 2017 SP. Z O.O. is a cash securitisation of Polish auto loans with no residual value risk originated in the ordinary course of business by Getin Noble Bank SA (GNB). The outstanding portfolio balance (PLN 219.6m versus PLN 700.0m at closing) consists of private borrowers (89.6% versus 49.1% at closing) and small and medium-sized enterprises (SMEs) (10.4% versus 50.9% at closing), who used the loans to acquire new and used vehicles. The transaction’s 24-month revolving period concluded in July 2019. The transaction closed on 18 July 2017 and has a final legal maturity of 16 July 2030.

Key rating factors

Credit enhancement (96.7%) is substantial, and the Senior Bond is expected to be fully repaid in the near future with an expected remaining weighted-average life (WAL) of 0.1 years. The PLN 12.5m cash reserve is fully funded and available to redeem the Senior Bond, in addition to providing liquidity coverage for senior fees and interest.
All transaction counterparties continue to support the rating.

The methodologies applicable for the reviewed rating (General Structured Finance Rating Methodology, 14 December 2020; Consumer and Auto ABS Rating Methodology, 3 March 2021; Methodology for Counterparty Risk in Structured Finance, 13 July 2021) 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: Thomas Miller-Jones, Associate Director

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