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 the class A and B notes to a total of EUR1.134bn and EUR46.9m, 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 Affirms VCL Master S.A.'s Compartment 1's Notes", dated 25 September 2015 at www.fitchratings.com).

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

Series A 2010-1: EUR32.1m, resulting in an aggregate total of EUR138.5m
Series A 2010-2: EUR38.7m, resulting in an aggregate total of EUR169.8m
Series A 2010-4: EUR9.5m, resulting in an aggregate total of EUR95.3m
Series A 2011-2: EUR20.1m, resulting in an aggregate total of EUR73.5m
Series A 2012-1: EUR12.1m, resulting in an aggregate total of EUR52m
Series A 2012-2: EUR24.1m, resulting in an aggregate total of EUR89.7m
Series A 2012-3: EUR24.1m, resulting in an aggregate total of EUR89.7m
Series A 2012-4: EUR48.2m, resulting in an aggregate total of EUR167m
Series A 2013-1: EUR24.1m, resulting in an aggregate total of EUR89.7m
Series A 2013-2: EUR19.3m, resulting in an aggregate total of EUR83.2m
Series A 2015-1: EUR40.2m, resulting in an aggregate total of EUR85.4m
Series B 2014-1: EUR4.2m, resulting in an aggregate total of EUR15.8m
Series B 2014-2: EUR3.3m, resulting in an aggregate total of EUR12.5m
Series B 2014-3: EUR2m, resulting in an aggregate total of EUR13.6m
Series B 2014-4: EUR2.2m, resulting in an aggregate total of EUR5m

VCL Master is a platform for VW Leasing GmbH to securitise, on a revolving basis, German auto lease receivables. The share of vehicles affected by the recent nitrogen oxide emission allegations is 13.5% following the tap issuance. Based on various sensitivity tests around the stressed recoveries, Fitch regards the available CE as sufficient to absorb the expected negative impact on used car prices for affected vehicles.

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