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 of ROOF AT S.A., Compartment 2021 on 26 November 2024. The credit ratings remain as follows:

Class A (ISIN: XS2314809190), EUR 288.2m outstanding amount: AAA_SF

Class B (ISIN: XS2314809869), EUR 75.0m outstanding amount: not rated

The review was conducted based on available monthly investor reports reflecting performance up to November 2024 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 36-month replenishment period has been completed and credit enhancement on the class A notes has increased very significantly since the start of the amortization period in March 2024 (to 24% from 16%). The estimated cumulative default rate since the start of amortization at 1.3% is closely aligned with Scope’s asset performance expectations. The senior notes´ amortizing cash reserve is fully funded at 0.7% of the outstanding notes´ balance (with a floor at EUR 400,000) and counterparty risk remains immaterial.

The methodologies used for the reviewed rating, (General Structured Finance Rating Methodology, 6 March 2024; Counterparty Risk Methodology, 10 July 2024; Consumer and Auto ABS Rating Methodology, 4 March 2024), 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 Elom Kwamin, Analyst

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