Compass Securitisation (Monitoring Dashboard)

South Africa

Compass Securitisation (RF) Limited (Monitoring Dashboard)

In April 2020, the "Aggregate Net Defaults for last 12 Months" Performance Test was above the 2.7% limit at 2.76%.

Compass Securitisation (RF) Limited (Monitoring Dashboard)

In January 2020, previously excluded bad debts recovered relating to actual write-offs was included as part of monthly recoveries. The "Aggregate Net Defaults for last 12 Months" trigger marginally improved as a result, with the December 2019 trigger decreasing to 2.63% compared to the reported 2.68%. The trigger remains close to the 2.7% covenant, however at 2.69% for March 2020. GCR estimates that all things equal or taking 12-months averages, minimum defaults of R1.1m may increase the trigger to 2.7%. For the past 12 months, the reported minimum and maximum monthly defaults where R339,810 and R4,421,089 respectively.  In March 2020, recoveries of R2.1m where reported, reflecting MRF's aggressive collections strategy implemented in 2020.

Compass Securitisation (Monitoring Dashboard)

In January 2020, previously excluded bad debts recovered relating to actual write-offs was included as part of monthly recoveries. The "Aggregate Net Defaults for last 12 Months" trigger marginally improved as a result, with the December 2019 trigger decreasing to 2.63% compared to the reported 2.68%. The trigger remains close to the 2.7% covenant, however at 2.69% for February 2020. GCR estimates that all things equal or taking 12-months averages, minimum defaults of R40,000 may increase the trigger to 2.7%. For the year 2019, the reported minimum and maximum monthly defaults where R137,997 and R4,421,089 respectively suggesting that unless significant recoveries are reported for March 2020, the trigger will be above 2.7%. MRF has indicated that they are closely monitoring the trigger.

Compass Securitisation (RF) Limited (Monitoring Dashboard)

The Dashboard covers the period from January 2019 to January 2020 and is part of GCR’s performance monitoring process and does not constitute rating action or rating report. GCR will update the Dashboards at least on a quarterly basis.

The Dashboard exhibits performance metrics related to the Compass Securitisation (RF) Ltd transaction, which include credit enhancement levels, excess spread, defaults, recoveries and covenants. Rating reports can be accessed here.

Compass Securitisation (RF) Limited (Monitoring Dashboard)

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.

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

Compass Securitisation (RF) Limited (Monitoring Dashboard)

The Dashboard covers the period from November 2018 to November 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.

Compass Securitisation (Monitoring Dashboard)

The Dashboard covers the period from October 2018 to October 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.

Compass Securitisation (Monitoring Dashboard)

The Dashboard covers the period from August 2018 to August 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.

Compass Securitisation (Monitoring Dashboard)

The Dashboard covers the period from July 2018 to July 2019 and is part of GCR’s performance monitoring process and does not constitute rating action. For rating reports click on the following https://gcrresearch.com/reports/companies/778. GCR will update the Dashboards at least on a quarterly basis.

Compass Securitisation (Monitoring Dashboard)

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

 

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