TEXT-Fitch: No rating impact on VCL Master S.A. Compartment 1 from increase of existing notes

Thu Dec 27, 2012 4:49am EST

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(The following statement was released by the rating agency)

Dec 27 - Fitch Ratings says that VCL Master S.A.'s Compartment 1 notes' ratings will not be affected by the increase in the amounts of the existing revolving series of notes to a total of EUR933.9m. Following the increase, the total amount of series (including the amortising series) rises to EUR1.045bn. Fitch notes that the revolving series amounts will be increased effective 27 December 2012.

The volumes of the newly issued notes are as follows:

Series 2010-1: EUR27,000,000, resulting in an aggregate total of EUR156,900,000

Series 2010-2: EUR27,000,000, resulting in an aggregate total of EUR156,900,000

Series 2010-4: EUR45,900,000, resulting in an aggregate total of EUR175,800,000

Series 2011-2: EUR9,100,000, resulting in an aggregate total of EUR83,300,000

Series 2012-1: EUR18,300,000, resulting in an aggregate total of EUR84,600,000

Series 2012-2: EUR13,800,000, resulting in an aggregate total of EUR63,600,000

Series 2012-3: EUR13,800,000, resulting in an aggregate total of EUR63,600,000

Series 2012-4: EUR33,100,000, resulting in an aggregate total of EUR149,200,000

Following the top-up, the total amounts of the series still do not exceed the maximum issuance amounts of the series established in the programme (see Fitch Assigns 'AAAsf' to VCL Master S.A.'s Compartment 1 Notes; Outlook Stable, dated 26 November 2012, available on www.fitchratings.com).

Further transaction research is available at www.fitchratings.com.

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