RPT-Fitch: No rating impact on VCL Master S.A. Compartment 2 from increase of existing notes
(Repeat for additional subscribers)
Oct 25 (Reuters) - (The following statement was released by the rating agency)
Fitch Ratings says that VCL Master S.A.'s Compartment 2 notes' ratings will not be affected by an increase in the amount of the existing revolving series of notes to a total of EUR654m from EUR593m. Following the increase the total amount of series (including the amortising series) rises to EUR683m. Fitch notes that the revolving series amounts will be increased effective 25 October 2013.
The volumes of the newly issued notes are as follows:
Series 2010-4: EUR20,000,000, resulting in an aggregate total of EUR328,900,000
Series 2013-1: EUR40,900,000, resulting in an aggregate total of EUR200,000,000
Following the tap issuance, the total amounts of the series still do not exceed the maximum issuance amount of the series established in the programme (see Fitch Affirms VCL Master S.A.'s Compartment 2 Notes at 'AAAsf'; Outlook Stable, dated 25 September 2013, available on www.fitchratings.com).
The transaction is a securitisation of residual values (RVs) only. The ability of the issuer to generate sufficient cash for note redemption is dependent on the portfolio's composition and amortisation profile. Fitch notes that these variables remain largely unchanged after the top-up.
Further transaction research is available at www.fitchratings.com.
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