Scope Ratings GmbH (Scope) monitors and reviews its credit ratings on an ongoing basis and at least annually, or every six months in the case of sovereigns, sub-sovereigns and supranational organisations.

Scope performs monitoring reviews to determine whether material changes and/or changes in macroeconomic or financial market conditions could have an impact on the credit ratings. Scope considers all available and relevant information when undertaking the monitoring review.

Monitoring reviews are conducted by performing a peer comparison, benchmarking against the rating-change drivers, and/or reviewing the credit ratings’ performance over time, as deemed appropriate by the Lead Analyst or Analytical Team Head, in addition to an assessment of all aspects of the relevant methodology/ies, including key rating assumptions and model(s). Scope publicly announces the completion of each monitoring review on its website.

Scope completed the monitoring review for ROOF Leasing Austria S.A., Compartment 2016 on 15 February 2022. The credit ratings remain as follows:

Schuldschein loan, EUR 97.8m outstanding amount: AAA_SF

Class A (ISIN: XS1492396939), EUR 58.7m outstanding amount: AAA_SF

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

This monitoring note does not constitute a credit rating action, nor does it indicate the likelihood that Scope will conduct a credit rating action in the short term. Information about the latest credit rating action connected with this monitoring note along with the associated rating history can be found on www.scoperatings.com.

Key rating factors

The transaction is a cash flow securitisation of a four-year revolving portfolio of leasing receivables worth EUR 437.9m on the closing date. The assets consist of leases primarily granted to Austrian small- and medium-sized enterprises and private individuals, to finance new and used vehicles. The transaction closed 30 September 2016 and its final legal maturity is 15 January 2031.

After a four-year revolving period, the Schuldschein loan and the class A notes started amortising on the October 2020 payment date. The transaction performs well. The delinquency ratio accounts for 0.15%, and the cumulative default ratio for 0.16% (calculation of the latter is based on defaults since the last replenishment of the portfolio).

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 2022 payment date, credit enhancement of the Schuldschein loan and class A notes increased to 25.0% from 9.45% at closing.

Transaction counterparties continue to support the ratings.

The methodologies applicable for the reviewed ratings: General Structured Finance Rating Methodology (17 December 2021), Consumer and Auto ABS Rating Methodology (3 March 2021) and 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: Adam Plajner, Senior Analyst

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