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 class A and B notes to a total of EUR1.29bn and EUR53.1m, 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. 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 is effective today with aggregate totals
as follows:

Series A 2010-1: EUR21.6m, resulting in an aggregate total of EUR196.4m
Series A 2010-2: EUR21.6m, resulting in an aggregate total of EUR196.4m
Series A 2010-4: unchanged at EUR161.5m
Series A 2011-2: EUR9m, resulting in an aggregate total of EUR79.3m
Series A 2012-1: EUR4.5m, resulting in an aggregate total of EUR75m
Series A 2012-2: EUR10.8m, resulting in an aggregate total of EUR98.2m
Series A 2012-3: EUR10.8m, resulting in an aggregate total of EUR98.2m
Series A 2012-4: EUR18m, resulting in an aggregate total of EUR173.2m
Series A 2013-1: EUR10.8m, resulting in an aggregate total of EUR98.2m
Series A 2013-2: EUR11.5m, resulting in an aggregate total of EUR109.9m

Series B 2014-1: EUR1.7m, resulting in an aggregate total of EUR17.2m
Series B 2014-2: EUR1.3m, resulting in an aggregate total of EUR13.5m
Series B 2014-3: EUR1.7m, resulting in an aggregate total of EUR17.2m
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.