MW Asset Rentals (RF) Ltd - R2.5bn Lease Receivables Backed Note Programme

Image placeholder
MW Asset Rentals (RF) Limited
  • MW Asset Rentals (RF) Ltd - R2.5bn Lease Receivables Backed Note Programme
  • Year : Oct 2019
Access Now
Summary

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.

Additional Information

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.

Related Publications

Commissioner Street No.10 (RF) Ltd

The rating of the Series 2 Notes is credit-linked to the long-term unsecured credit ratings of the underlying Borrower. The rating of the Series 3...

SASP 2 (Monitoring Dashboard)

The Dashboard exhibits key performance metrics related to the South African Securitisation Programme (RF) Ltd – Series 2 transaction, which i...

Short Term Insurance Industry Compendium - Sub-Saharan Africa

This introduces GCR Ratings (“GCR”) first Short Term Insurance Compendium for Sub-Saharan Africa. In this publication, GCR provides a b...

Available Purchase Options: