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 EUR992.3m and EUR41.4m, 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.

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

Series A 2010-1: EUR52.9m, resulting in an aggregate total of EUR143.6m
Series A 2010-2: EUR52.9m, resulting in an aggregate total of EUR143.6m
Series A 2011-2: EUR22.0m, resulting in an aggregate total of EUR57.3m
Series A 2012-1: EUR17.6m, resulting in an aggregate total of EUR60.1m
Series A 2012-2: EUR26.4m, resulting in an aggregate total of EUR71.8m
Series A 2012-3: EUR26.4m, resulting in an aggregate total of EUR71.8m
Series A 2012-4: EUR44.0m, resulting in an aggregate total of EUR129.1m
Series A 2013-1: EUR26.4m, resulting in an aggregate total of EUR71.8m
Series A 2013-2: EUR28.2m, resulting in an aggregate total of EUR81.7m

Series B 2014-1: EUR4.3m, resulting in an aggregate total of EUR13.0m
Series B 2014-2: EUR3.3m, resulting in an aggregate total of EUR10.2m
Series B 2014-3: EUR4.3m, resulting in an aggregate total of EUR13.0m

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