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 EUR1.581bn and EUR64.9m, respectively. A new series A 2015-1 has also been issued, ranking pari passu with the remaining class A series.

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: EUR3.6m, resulting in an aggregate total of EUR200.0m
Series A 2010-2: EUR50.0m, resulting in an aggregate total of EUR246.4m
Series A 2010-4: unchanged at EUR161.5m
Series A 2011-2: EUR21.0m, resulting in an aggregate total of EUR100.3m
Series A 2012-1: unchanged at EUR75m
Series A 2012-2: EUR25.0m, resulting in an aggregate total of EUR123.2m
Series A 2012-3: EUR25.0m, resulting in an aggregate total of EUR123.2m
Series A 2012-4: EUR50m, resulting in an aggregate total of EUR223.2m
Series A 2013-1: EUR25m, resulting in an aggregate total of EUR123.2m
Series A 2013-2: EUR10.1m, resulting in an aggregate total of EUR120m
Series A 2015-1: EUR85m, resulting in an aggregate total of EUR85m
Series B 2014-1: EUR4.2m, resulting in an aggregate total of EUR21.4m
Series B 2014-2: EUR3.4m, resulting in an aggregate total of EUR16.9m
Series B 2014-3: EUR4.2m, resulting in an aggregate total of EUR21.4m
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. The share of vehicles affected by the recent emission allegations is 17.9% 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.