OREANDA-NEWS. Fitch Ratings says Driver 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 EUR1,020.1m and EUR47.5m, respectively.

After the increase, credit enhancement for the class A and B notes will continue to be above the minimum on which Fitch's analysis is based (see Fitch's New Issue Report Driver Master S.A., - Compartment 1 dated 27 July 2015).

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

Series A 2015-1: unchanged at EUR90m
Series A 2015-2: unchanged at EUR26.5m
Series A 2015-3: unchanged at EUR40m
Series A 2015-4: unchanged at EUR200m
Series A 2015-5: EUR36.8m, resulting in an aggregate total of EUR91.8m
Series A 2015-6: EUR36.8m, resulting in an aggregate total of EUR91.8m
Series A 2015-7: EUR36.8m, resulting in an aggregate total of EUR91.8m
Series A 2015-8: EUR36.8m, resulting in an aggregate total of EUR91.8m
Series A 2015-9: EUR196.4m, resulting in an aggregate total of EUR296.4m
Series B 2015-1: unchanged at EUR5m
Series B 2015-2: EUR2m, resulting in an aggregate total of EUR8.5m
Series B 2015-3: EUR14m, resulting in an aggregate total of EUR34m

Driver Master is a platform for VW Bank to securitise, on a revolving basis, German auto loan receivables. The share of vehicles affected by the recent nitrogen oxide emission allegations is 23.2% (by number) following the tap issuance. VW Bank estimates the share of vehicles affected by the CO2 emission irregularities to be 0.8% (by number) following the tap issuance. Based on various sensitivity tests around the stressed recoveries, Fitch regards the available CE as sufficient to provide for an expected negative impact on used car prices for affected vehicles.

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