OREANDA-NEWS. Fitch Ratings says VCL Master S.A.'s Compartment 1 notes' ratings will not be affected by the tap issuance of the existing revolving series of class A and B notes to a total of EUR1.5bn and EUR61.6m, respectively.

After the increase, credit enhancement for the class A and B series will continue to be above the minimum on which Fitch's analysis is based. Additionally, the total amounts of all series are still below the maximum limits established in the programme (see "Fitch Rates VCL Master S.A.'s Compartment 1's Notes", dated 25 September 2014 at www.fitchratings.com).

The increase in revolving series amounts will be effective today with aggregate totals
as follows:

Series A 2010-1: EUR13.5m, resulting in an aggregate total of EUR190.9m
Series A 2010-2: EUR13.5m, resulting in an aggregate total of EUR190.9m
Series A 2010-4: EUR27.0m, resulting in an aggregate total of EUR374.3m
Series A 2011-2: EUR5.6m, resulting in an aggregate total of EUR73.7m
Series A 2012-1: EUR4.5m, resulting in an aggregate total of EUR92.1m
Series A 2012-2: EUR6.8m, resulting in an aggregate total of EUR95.4m
Series A 2012-3: EUR6.8m, resulting in an aggregate total of EUR95.4m
Series A 2012-4: EUR11.3m, resulting in an aggregate total of EUR180.9m
Series A 2013-1: EUR6.8m, resulting in an aggregate total of EUR95.4m
Series A 2013-2: EUR7.2m, resulting in an aggregate total of EUR113.6m

Series B 2014-1: EUR1.1m, resulting in an aggregate total of EUR17.8m
Series B 2014-2: EUR0.9m, resulting in an aggregate total of EUR14.3m
Series B 2014-3: EUR1.1m, resulting in an aggregate total of EUR17.8m
Series B 2014-4: EUR1.0m, resulting in an aggregate total of EUR11.7m

VCL Master is a platform for VW Leasing GmbH to securitise, on a revolving basis, German auto lease receivables.