Fitch: No Rating Impact on VCL Master S.A. Compartment 1 from Tap Issuance
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: EUR31.2m, resulting in an aggregate total of EUR174.8m
Series A 2010-2: EUR31.2m, resulting in an aggregate total of EUR174.8m
Series A 2010-4: Unchanged at EUR161.5m
Series A 2011-2: EUR13.0m, resulting in an aggregate total of EUR70.3m
Series A 2012-1: EUR10.4m, resulting in an aggregate total of EUR70.5m
Series A 2012-2: EUR15.6m, resulting in an aggregate total of EUR87.4m
Series A 2012-3: EUR15.6m, resulting in an aggregate total of EUR87.4m
Series A 2012-4: EUR26.1m, resulting in an aggregate total of EUR155.2m
Series A 2013-1: EUR15.6m, resulting in an aggregate total of EUR87.4m
Series A 2013-2: EUR16.7m, resulting in an aggregate total of EUR98.4m
Series B 2014-1: EUR2.5m, resulting in an aggregate total of EUR15.5m
Series B 2014-2: EUR2.0m, resulting in an aggregate total of EUR12.2m
Series B 2014-3: EUR2.5m, resulting in an aggregate total of EUR15.5m
Series B 2014-4: Unchanged at EUR5.2m
VCL Master is a platform for VW Leasing GmbH to securitise, on a revolving basis, German auto lease receivables.
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