OREANDA-NEWS. Fitch Ratings says VCL Master S.A.'s Compartment 1 notes' ratings will not be affected by the tap issuance of existing revolving series of class A and B notes to a total of EUR1.4bn and EUR57.5m, respectively.

After the increase, the 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: EUR19.2m, resulting in an aggregate total of EUR1777.4m
Series A 2010-2: EUR19.2m, resulting in an aggregate total of EUR177.4m
Series A 2010-4: EUR38.4m, resulting in an aggregate total of EUR347.3m
Series A 2011-2: EUR8.0m, resulting in an aggregate total of EUR68.1m
Series A 2012-1: EUR6.4m, resulting in an aggregate total of EUR87.6m
Series A 2012-2: EUR9.6m, resulting in an aggregate total of EUR88.6m
Series A 2012-3: EUR9.6m, resulting in an aggregate total of EUR88.6m
Series A 2012-4: EUR16.0m, resulting in an aggregate total of EUR169.6m
Series A 2013-1: EUR9.6m, resulting in an aggregate total of EUR88.6m
Series A 2013-2: EUR10.2m, resulting in an aggregate total of EUR106.4m
Series B 2014-1: EUR1.5m, resulting in an aggregate total of EUR16.7m
Series B 2014-2: EUR1.2m, resulting in an aggregate total of EUR13.4m
Series B 2014-3: EUR1.5m, resulting in an aggregate total of EUR16.7m
Series B 2014-4: EUR1.6m, resulting in an aggregate total of EUR10.7m

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

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