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      WEDNESDAY, 18/01/2023 - Scope Ratings GmbH
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      Scope has completed a monitoring review for ROOF Leasing Austria S.A., Compartment 2016 - Auto ABS

      No action has been taken following the monitoring review.

      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 12 January 2023. The credit ratings remain as follows:

      Schuldschein loan, EUR 42.1m outstanding amount: AAASF

      Class A (ISIN: XS1492396939), EUR 25.3m outstanding amount: AAASF

      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 0.07%, and the cumulative default ratio for 0.21% (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 October 2022 payment date, credit enhancement of the Schuldschein loan and class A notes increased to 45.0% 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 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: Adam Plajner, Associate Director

      © 2023 Scope SE & Co. KGaA and all its subsidiaries including Scope Ratings GmbH, Scope Ratings UK Limited, Scope Analysis GmbH, Scope Investor Services GmbH, and Scope ESG Analysis GmbH (collectively, Scope). All rights reserved. The information and data supporting Scope’s ratings, rating reports, rating opinions and related research and credit opinions originate from sources Scope considers to be reliable and accurate. Scope does not, however, independently verify the reliability and accuracy of the information and data. Scope’s ratings, rating reports, rating opinions, or related research and credit opinions are provided ‘as is’ without any representation or warranty of any kind. In no circumstance shall Scope or its directors, officers, employees and other representatives be liable to any party for any direct, indirect, incidental or other damages, expenses of any kind, or losses arising from any use of Scope’s ratings, rating reports, rating opinions, related research or credit opinions. Ratings and other related credit opinions issued by Scope are, and have to be viewed by any party as, opinions on relative credit risk and not a statement of fact or recommendation to purchase, hold or sell securities. Past performance does not necessarily predict future results. Any report issued by Scope is not a prospectus or similar document related to a debt security or issuing entity. Scope issues credit ratings and related research and opinions with the understanding and expectation that parties using them will assess independently the suitability of each security for investment or transaction purposes. Scope’s credit ratings address relative credit risk, they do not address other risks such as market, liquidity, legal, or volatility. The information and data included herein is protected by copyright and other laws. To reproduce, transmit, transfer, disseminate, translate, resell, or store for subsequent use for any such purpose the information and data contained herein, contact Scope Ratings GmbH at Lennéstraße 5 D-10785 Berlin.

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