(Repeat for additional subscribers)
March 25 (The following statement was released by the rating agency)
Fitch Ratings has affirmed four series of VCL
Master S.A.'s notes and assigned a rating to one new series, as follows:
EUR75m Series 2010-1 (ISIN: XS0487713512): affirmed at 'AAAsf'; Outlook Stable
EUR50m Series 2010-2 (ISIN: XS0487714247): affirmed at 'AAAsf'; Outlook Stable
EUR33.64m Series 2010-3 (ISIN: XS0487714320): affirmed at 'AAAsf'; Outlook
EUR308.9m Series 2010-4 (ISIN: XS0487714593): affirmed at 'AAAsf'; Outlook
EUR159.1m Series 2013-1 (ISIN: XS0908771354): assigned 'AAAsf'; Outlook Stable
KEY RATING DRIVERS
Fitch notes that Compartment 2 issued a new series on 25 March 2013 (2013-1)
with a maximum issuance amount of EUR200m. However, the initial series 2013-1
amount is EUR159.1m. The new series ranks pari passu with the existing series.
The portfolio balance was increased to EUR1.15bn from EUR0.88bn before the
issuance of the new series. In Fitch's view, the issuance of the new series and
increase of the portfolio balance have a positive impact on the transaction
since only performing assets are purchased, thus reducing the relative share of
the non-performing assets in the portfolio. Furthermore, adding additional
receivables to the portfolio results in higher granularity and a less
concentrated maturity profile.
In the agency's view, the pool composition remains largely unchanged following
the issuance of the new series.
The transaction is a platform for VW Leasing GmbH (VWL) to securitise on a
revolving basis residual values resulting from auto leasing contracts originated
during its ordinary course of business in Germany. VCL Master S.A. is a
securitisation vehicle incorporated in Luxembourg. VWL is a wholly-owned
subsidiary of Volkswagen Financial Services AG, which in turn is 100%-owned by
Volkswagen AG ('A-'/Positive/'F2').
The transaction is primarily sensitive to the residual values (RV), which mostly
depend on used vehicle market prices. If used car prices fall materially in
Germany, this may lead to potential losses to the transaction in a scenario
where the dealers are not around to take the RV risk. However, with credit
enhancement above our loss assumption, rating sensitivity is limited.
Initial Key Rating Drivers and Rating Sensitivity are further described in the
New Issue report dated 20 December 2010 at www.fitchratings.com.
Further transaction research is available at www.fitchratings.com.