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.
In December 2019, monthly defaults of R4.4m increased the "Aggregate Net Defaults for last 12 Months" trigger to 2.68% (maximum: 2.7%). GCR's analysis shows that, assuming recoveries and purchases of additional Equipment Leases for January 2020 remain similar to those reported in December 2019 or using the historical 12-month averages, minimum defaults of R709,715 may increase the trigger to 2.7%. For the year 2019, excluding December, the reported minimum and maximum monthly defaults where R137,997 and R1,860,375 respectively. MRF has indicated that they are closely monitoring the trigger.