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 organizations.

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 a monitoring review of the following notes issued by EFL Lease ABS 2017-1 DAC on 22 November 2022 and considered the investor reporting up to October 2022. The credit ratings remain as follows:

Class A1 (ISIN XS1701862143): PLN 27.9m outstanding amount: AAA_SF

Class A2 (ISIN XS1701862499): PLN 19.5m outstanding amount: AAA_SF

EFL Lease ABS 2017-1 is a true-sale cash securitisation of a PLN 2,200m lease receivables portfolio with a three-year revolving period, which has ended on 27 October 2020.

The review was conducted considering available payment reports and investor reports up to October 2022 payment date. 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 rated notes benefit from significant credit enhancement, which has increased from closing, due to amortization. Since the end of the revolving period, available credit enhancement on the class A1 and A2 notes has increased to 91.7% as of October 2022, from 20.6% at closing.

Portfolio segmentation and performance have been relatively stable up to the last payment date. The 3.0% gross loss ratio and the 0.83% three-month rolling average late delinquency rate are below Scope’s expectations from closing.

The methodologies applicable for the reviewed ratings (General Structured Finance Rating Methodology, 17 December 2021; Consumer and Auto ABS Rating Methodology, 3 March 2022; Counterparty Risk Methodology, 14 July 2022) are available on https://scoperatings.com/governance-and-policies/rating-governance/methodologies.
This monitoring note is issued by Scope Ratings GmbH, Lennéstraße 5, D-10785 Berlin, Tel +49 30 27891-0.
Lead analyst Shashank Thakur, Analyst

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