OREANDA-NEWS. Fitch Ratings says VCL Master S.A., 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 EUR1.5bn and EUR61.8m, 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., 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 2010-4: EUR111.6m, resulting in an aggregate total of EUR469.7m
Series B 2014-4: EUR4.4m, resulting in an aggregate total of EUR19.9m

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