Jan 7 - Fitch Ratings has upgraded TruckLease S.A. Compartment No. 1, as
Class B notes upgraded to 'AAAsf' from 'AAsf'; Outlook Stable
Class C notes upgraded to 'AAsf' from 'Asf'; Outlook Stable
Class D notes upgraded to 'Asf' from 'BB+sf'; Outlook Stable
Subordinated Note: unrated
The upgrades reflect the transaction's robust performance as supported by low
defaults and high recoveries in line with Fitch's expectations, leading to
increased credit enhancement due to its amortising structure. The ratio of
cumulative recoveries to cumulative defaults is 100% to date. While recoveries
from collateral foreclosure proceeds were approximately 80%-90%, the structure
is supported by an additional reserve provided by the originator that tops up
recoveries if needed. Consequently, no losses had been reported as of November
The transaction started amortising in fully sequential order having completed a
three-month revolving period in May 2011. By the November 2012 payment date, the
class A was paid in full and the collateral balance had amortised by around 67%,
reflecting the leases' relatively short term.
The cumulative default rate stood at 2.6% of purchased receivables as of
November 2012, which is lower than the agency's expectation of 9% for that point
in time. The transaction's strong performance is partially due to the benign
macro-economic environment in Germany with unemployment at historically low
levels and GDP growth despite uncertainty in the eurozone.
The fast amortisation combined with the solid performance has boosted credit
enhancement levels for all classes since the end of the short revolving period.
Fitch believes that TruckLease No. 1 could therefore withstand even increased
stress levels, which is reflected in the upgrades.
TruckLease S.A. is a Luxembourg securitisation vehicle. Compartment No. 1 was
the first issuance from the vehicle, followed by Compartment No. 2 in February
2012. The transaction is the securitisation of a portfolio of finance lease
receivables originated in Germany by Albis Mobil Lease GmbH (previously NL Mobil
Lease GmbH) and its wholly owned subsidiary UTA-Leasing GmbH. NL Mobil is
ultimately wholly owned by Albis Leasing AG.
Additional information is available at www.fitchratings.com. The ratings above
were solicited by, or on behalf of, the issuer, and therefore, Fitch has been
compensated for the provision of the ratings.
Sources of information: servicer reports and investor reports.
Applicable criteria, 'Rating Criteria for European Granular Corporate
Balance-Sheet Securitisations (SME CLOs)', dated 27 November 2012, are available
Applicable Criteria and Related Research:
Criteria for Rating Granular Corporate Balance-Sheet Securitisations (SME CLOs)