TEXT-Fitch confirms VCL Master S.A.'s Compartment 1 notes at 'AAAsf'
(The following statement was released by the rating agency)
Sept 26 - Fitch Ratings has confirmed VCL Master S.A.'s notes issued under Compartment 1 at 'AAAsf' with a Stable Outlook following an increase of the existing notes as follows:
Series 2010-1: EUR50,000,000, resulting in an aggregate total of EUR350,000,000;
Series 2010-2: EUR50,000,000, resulting in an aggregate total of EUR350,000,000;
Series 2010-4: EUR50,000,000, resulting in an aggregate total of EUR350,000,000;
Series 2011-2: EUR50,000,000, resulting in an aggregate total of EUR200,000,000
Following the tap issuance, the total amounts of the above-mentioned series exceed the maximum issuance amounts of the series established in the programme (see 'Fitch Affirms VCL Master S.A.'s Compartment 1 Notes at 'AAAsf'; Outlook Stable', dated 25 November 2011, on www.fitchratings.com). Fitch acknowledges that the additional receivables have been purchased at a discount rate of 2.3% which is in line with the documentation. The agency has considered tap issuances into its credit analysis.
Additionally, the agency notes that two of the series (2010-3 and 2011-1) are still below the established maximum issuance amounts of EUR300m and EUR200m respectively.
The transaction is a platform for Volkswagen Leasing GmbH (VWL) to securitise, on a revolving basis, German auto lease receivables originated during its ordinary course of business. VCL Master S.A. is a securitisation vehicle incorporated in Luxembourg. Volkswagen Leasing GmbH is a wholly-owned subsidiary of Volkswagen Financial Services AG, which in turn is 100%-owned by Volkswagen AG ('A-'/Positive/'F2').
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