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      WEDNESDAY, 07/12/2016 - Scope Ratings GmbH
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      ROOF Poland 2014 exhibits a stable performance – SME ABS

      Scope Ratings has reviewed the performance of ROOF Poland Leasing 2014, DAC, which remains in line with Scope’s expectations up to the latest report on 26 October 2016.

      No rating action is granted. None of the early amortisation triggers implemented in the transaction were hit, and the portfolio remains within its replenishment concentration covenants. The current weighted average margin of the portfolio has increased to 3.75% from 3.65% at the restructuring of the transaction on 2 December 2015. Excess spread has to date covered all portfolio losses. The notes have not yet started to amortise because the transaction has one remaining year of the revolving period. Scope has been informed that the sale of Raiffeisen-Leasing Polska SA to PKO Bank Polski SA (PKO) was completed on 1 December 2016. PKO is the largest commercial bank in Poland and after the acquisition it will become the leader in the segment of small- and medium-sized enterprises in Poland. There are no changes announced regarding the strategic positioning of Raiffeisen-Leasing Polska SA.

      ROOF Poland Leasing 2014, DAC is a securitisation of leasing receivables worth PLN 1,474.9m at the restructuring date. The transaction closed on 15 December 2014 and was restructured on 2 December 2015. The leasing contracts are granted to small- and medium-sized enterprises and self-employed individuals to finance the acquisition of vehicles and machinery in Poland. The transaction has a two-year revolving period from restructuring and final maturity on 2 October 2025.

      Scope continuously monitors all rated notes from ROOF Poland Leasing 2014, DAC.

      Ratings and research are freely available at www.scoperatings.com.

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