RPT-Fitch: No Rating Impact on VCL Master S.A. Compartment 1 from Increase of Existing Notes

Mon Jan 27, 2014 5:21am EST

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Jan 27 (Reuters) - (The following statement was released by the rating agency)

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 EUR1.43bn. Fitch notes that the revolving series amounts will be increased effective 27 January 2014.

The volumes of the newly issued notes are as follows:

Series 2010-1: EUR12,500,000, resulting in an aggregate total of EUR178,600,000

Series 2010-2: EUR12,500,000, resulting in an aggregate total of EUR178,600,000

Series 2010-4: EUR25,500,000, resulting in an aggregate total of EUR322,900,000

Series 2011-2: EUR4,000,000, resulting in an aggregate total of EUR65,500,000

Series 2012-1: EUR8,700,000, resulting in an aggregate total of EUR115,900,000

Series 2012-2: EUR6,500,000, resulting in an aggregate total of EUR86,800,000

Series 2012-3: EUR6,500,000, resulting in an aggregate total of EUR86,800,000

Series 2012-4: EUR12,700,000, resulting in an aggregate total of EUR184,700,000

Series 2013-1: EUR6,400,000, resulting in an aggregate total of EUR86,800,000

Series 2013-2: EUR8,300,000, resulting in an aggregate total of EUR118,500,000

Following the tap issuance, the total amounts of the series still do not exceed the maximum issuance amounts of the series established in the programme (see a€œFitch Affirms VCL Master S.A.'s Compartment 1 Notes; Assigns New Series 'AAAsfa€™a€�, dated 25 September 2013, available on www.fitchratings.com).

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