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

Fri Jul 25, 2014 4:19am EDT

(Repeat for additional subscribers)

July 25 (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 EUR1.48bn. Fitch notes that the revolving series amounts will be increased effective today. The volumes of the newly issued notes are as follows:

Series 2010-1: EUR32,400,000, resulting in an aggregate total of EUR182,900,000

Series 2010-2: EUR32,400,000, resulting in an aggregate total of EUR182,900,000

Series 2010-4: EUR65,000,000, resulting in an aggregate total of EUR348,700,000

Series 2011-2: EUR10,800,000, resulting in an aggregate total of EUR64,000,000

Series 2012-1: EUR21,600,000, resulting in an aggregate total of EUR120,800,000

Series 2012-2: EUR16,200,000, resulting in an aggregate total of EUR90,700,000

Series 2012-3: EUR16,200,000, resulting in an aggregate total of EUR90,700,000

Series 2012-4: EUR32,400,000, resulting in an aggregate total of EUR186,100,000

Series 2013-1: EUR16,200,000, resulting in an aggregate total of EUR90,700,000

Series 2013-2: EUR21,600,000, resulting in an aggregate total of EUR121,600,000

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 "Fitch Affirms VCL Master S.A.'s Compartment 1 Notes; Assigns New Series 'AAAsf'", dated 25 September 2013, available on www.fitchratings.com).

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

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