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 EUR1.6bn and EUR66.0m, 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: EUR19.7m, resulting in an aggregate total of EUR210.6m
Series A 2010-2: EUR19.7m, resulting in an aggregate total of EUR210.6m
Series A 2011-2: EUR8.2m, resulting in an aggregate total of EUR81.9m
Series A 2012-1: EUR6.6m, resulting in an aggregate total of EUR98.7m
Series A 2012-2: EUR9.9m, resulting in an aggregate total of EUR105.3m
Series A 2012-3: EUR9.9m, resulting in an aggregate total of EUR105.3m
Series A 2012-4: EUR16.4m, resulting in an aggregate total of EUR197.3m
Series A 2013-1: EUR9.9m, resulting in an aggregate total of EUR105.3m
Series A 2013-2: EUR10.5m, resulting in an aggregate total of EUR124.1m

Series B 2014-1: EUR1.6m, resulting in an aggregate total of EUR19.4m
Series B 2014-2: EUR1.2m, resulting in an aggregate total of EUR15.5m
Series B 2014-3: EUR1.6m, resulting in an aggregate total of EUR19.4m

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

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