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 EUR1.397bn and EUR57.4m, 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.

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

Series A 2010-4: EUR262.8m, resulting in an aggregate total of EUR358.1m
Series B 2014-4: EUR10.5m, resulting in an aggregate total of EUR15.5m

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