MW Asset Rentals (RF) Ltd (Monitoring Dashboard)

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MW Asset Rentals (RF) Ltd (Monitoring Dashboard)
  • MW Asset Rentals (RF) Ltd (Monitoring Dashboard)
  • Year :Feb 2020
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Summary

From October 2019, the Liquidity Reserve now excludes the excess cash in the transaction, previously reported as "Accrual for Tax and Vat". This cash was partly utilised for the purchase of asset leases (increasing the excess spread reported in the Capital Reserve) with the balance remaining in the transaction. In addition and in line with transaction documents, from December 2019 the excess spread is no longer being included in the Capital Reserve balance. The impact of this on the Asset Cover ratio is the increase seen from October 2019 and subsequent decline in December 2019.

Additional Information

The Dashboard exhibits performance metrics related to the MW Asset Rental (RF) Ltd transaction, which include credit enhancement levels, excess spread, defaults, recoveries and covenants.

The Dashboard covers the period from December 2018 to December 2019 and is part of GCR’s performance monitoring process and does not constitute rating action or rating reports. GCR will update the Dashboards at least on a quarterly basis. 


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