ROOF Austria 2016 exhibits stable performance – Auto ABS

Scope Ratings has reviewed the annual performance of ROOF Leasing Austria S.A., Compartment 2016, which remains in line with expectations. No rating action is warranted as a result.

Early amortisation triggers in the transaction are in compliance and replenishment covenants that protect against portfolio credit deterioration have not been breached since closing. The replenishment period ends on 16 October 2020, unless a trigger fails. Scope’s analysis is based on quarterly reporting up to 16 April 2018.

The level of ‘30+ days past due’ delinquencies is low, accounting for 0.14% of the outstanding portfolio, which is significantly below the 1.90% early amortisation trigger level. Additionally, the 0.09% gross loss ratio is well below the 0.75% trigger level.

The transaction continues to be supported by the credit quality of Raiffeisen Bank International AG and its three subsidiaries acting as servicers in the transaction, as well as The Bank of New York Mellon as account bank and calculation agent. Austria’s continued economic recovery will also benefit the transaction.

The transaction is a true-sale securitisation of a EUR 437.9m revolving portfolio of auto lease receivables with limited residual value risk. The contracts were granted by three originators operating within the Raiffeisen Bank International AG holding structure, and were primarily issued to SMEs and private individuals in Austria. Credit enhancement for the Schuldschein Loan and Class A tranche remains at 9.45%. The transaction closed on 30 September 2016 and has a legal maturity of 15 January 2031.

Scope continuously monitors ROOF Leasing Austria S.A., Compartment 2016.

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