...+ S&P Global Ratings has assigned its '### (sf)' credit rating to ROOF AT S.A. Compartment 2021's asset-backed floating-rate class A notes. + The notes are backed by a portfolio of vehicle lease receivables, which four companies part of the Raiffeisen Banking Group (RBG) granted to their Austrian clients. The underlying objects mainly comprise passenger cars and light commercial vehicles. The rest is made of large trucks and special vehicles. + This is the first Austrian lease securitization that we have rated and the second one for RBG, the first one closed in 2016. + The portfolio comprises four type of contracts: full amortization leases, partial amortization leases, operating leases, and hire-purchase contracts. + The residual value component of the operating leases is not securitized, while it is securitized for the other lease contracts. Full amortization leases feature a residual value equal to the regular installments, while for partial amortization leases it is larger and determined...
