For the current surveillance, GCR reviewed the Transaction’s performance over the period since the last rating action which took place on the issuance of the MWAR03 Notes in November 2018. At that time, the Transaction was modelled under GCR’s Global Master Structured Finance Rating Criteria and Global Consumer Asset-Backed Securitisation Rating Criteria, both updated in September 2018. The performance remained within expectations and within all assumptions used on modelling the Transaction over the review period, i.e., the two quarters from November 2018 to April 2019. The Transaction’s Stop Purchase Triggers, including the Asset Cover Ratio (“ACR”) of 128%, Portfolio Covenants and Reserve Required Amounts were maintained. Arrears and defaults were stable and below the modelled base case assumptions.
Therefore, the Transaction’s cash flows were not remodelled for the current surveillance, as the previous (November 2018) modelling output remains valid. Please refer to GCR’s MW Asset Rentals (RF) Ltd New Issuance Report, 23 November 2018, for further details.