
27.07.2020
Nach einer Aufstockung am 27. Juli 2020 bestätigt Creditreform Rating die Ratings aller Class A und B Notes Series, emittiert von der VCL Master S.A. handelnd für und im Namen ihres Compartment 1.
Weitere Details zu den regulatorischen Anforderungen gemäß den ESMA (Europäische Wertpapier und Marktaufsichtsbehörde) Guidelines 339320 sind in dem unten angefügten Dokument zu finden.

26.05.2020
Nach einer Aufstockung am 26. Mai 2020 bestätigt Creditreform Rating die Ratings aller Class A und B Notes Series, emittiert von der VCL Master S.A. handelnd für und im Namen ihres Compartment 1.
Weitere Details zu den regulatorischen Anforderungen gemäß den ESMA (Europäische Wertpapier und Marktaufsichtsbehörde) Guidelines 339320 sind in dem unten angefügten Dokument zu finden.

27.04.2020
Weitere Details zu den regulatorischen Anforderungen gemäß den ESMA (Europäische Wertpapier und Marktaufsichtsbehörde) Guidelines 339320 sind in dem unten angefügten Dokument zu finden.

25.03.2020
Following a term takeout, Creditreform Rating confirms the ratings of Class A and B notes series of VCL Master S.A., acting for and on behalf of its Compartment 1, as follows:
EUR Floating Rate Asset Backed Class A notes series with a current rating of AAAsf / stable (current outstanding amount after the term takeout):
A 20102 (EUR 164.9m),
A 20104 (EUR 2.5m),
A 20112 (EUR 41.5m),
A 20121 (EUR 83.0m),
A 20122 (EUR 83.0m),
A 20123 (EUR 55.4m),
A 20124 (EUR 166.6m),
A 20131 (EUR 55.4m),
A 20151 (EUR 295.0m),
A 20171 (EUR 41.5m),
A 20172 (EUR 55.4m),
A 20173 (EUR 203.8m),
A 20181 (EUR 44.2m).
EUR Floating Rate Asset Backed Class B notes series with a current rating of AAsf / stable (current outstanding amount after the term takeout):
B 20141 (EUR 16.0m),
B 20143 (EUR 15.8m),
B 20144 (EUR 0.1m),
B 20181 (EUR 3.5m).
The outstanding note volume has decreased by EUR 922.4m following the term takeout. The credit enhancements of Class A and B notes series remain above the minimum credit enhancements which Creditreform Rating assumed in its initial rating analysis (current total CE after the term takeout 12.00% and 9.56% for Class A and B notes series, respectively). Therefore, the ratings of the existing Class A and B notes series are not affected by the term takeout.

25.02.2020
Following a tap issuance, Creditreform Rating confirms the ratings of Class A and B notes series of VCL Master S.A., acting for and on behalf of its Compartment 1, as follows:
EUR Floating Rate Asset Backed Class A notes series with a current rating of AAAsf / stable (current outstanding amount after the tap issuance):
A 20102 (EUR 279.5m),
A 20104 (EUR 4.3m),
A 20112 (EUR 70.4m),
A 20121 (EUR 140.8m),
A 20122 (EUR 140.8m),
A 20123 (EUR 93.9m),
A 20124 (EUR 282.5m),
A 20131 (EUR 93.9m),
A 20151 (EUR 500.0m),
A 20171 (EUR 70.4m),
A 20172 (EUR 93.9m),
A 20173 (EUR 345.5m),
A 20181 (EUR 74.9m).
EUR Floating Rate Asset Backed Class B notes series with a current rating of AAsf / stable (current outstanding amount after the tap issuance):
B 20141 (EUR 26.8m),
B 20143 (EUR 26.4m),
B 20144 (EUR 0.2m),
B 20181 (EUR 5.8m).
The outstanding note volume has increased by EUR 287m following the tap issuance. The credit enhancements of Class A and B notes series remain above the minimum credit enhancements which Creditreform Rating assumed in its initial rating analysis (current total CE after the tap issuance 11.59% and 9.17% for Class A and B notes series, respectively). Therefore, the ratings of the existing Class A and B notes series are not affected by the tap issuance.

27.01.2020
Following a tap issuance, Creditreform Rating confirms the ratings of Class A and B notes series of VCL Master S.A., acting for and on behalf of its Compartment 1, as follows:
EUR Floating Rate Asset Backed Class A notes series with a current rating of AAAsf /stable (current outstanding amount after the tap issuance):
A 20102 (EUR 243.5m),
A 20104 (EUR 4.3m),
A 20112 (EUR 61.4m),
A 20121 (EUR 122.8m),
A 20122 (EUR 122.8m),
A 20123 (EUR 81.9m),
A 20124 (EUR 246.5m),
A 20131 (EUR 81.9m),
A 20151 (EUR 453.3m),
A 20171 (EUR 61.4m),
A 20172 (EUR 81.9m),
A 20173 (EUR 284.2m),
A 20181 (EUR 65.3m).
EUR Floating Rate Asset Backed Class B notes series with a current rating of AAsf / stable (current outstanding amount after the tap issuance):
B 20141 (EUR 23.5m),
B 20143 (EUR 23.1m),
B 20144 (EUR 0.2m),
B 20181 (EUR 5.0m).
The outstanding note volume has increased by EUR 199.9m following the tap issuance. The credit enhancements of Class A and B notes series remain above the minimum credit enhancements which Creditreform Rating assumed in its initial rating analysis (current total CE after the tap issuance 11.68% and 9.26% for Class A and B notes series, respectively). Therefore, the ratings of the existing Class A and B notes series are not affected by the tap issuance.

27.12.2019
Following a tap issuance, Creditreform Rating confirms the ratings of Class A and B notes series of VCL Master S.A., acting for and on behalf of its Compartment 1, as follows:
EUR Floating Rate Asset Backed Class A notes series with a current rating of AAAsf /stable (current outstanding amount after the tap issuance):
A 20102 (EUR 218.4m),
A 20104 (EUR 4.3m),
A 20112 (EUR 55.1m),
A 20121 (EUR 110.3m),
A 20122 (EUR 110.3m),
A 20123 (EUR 73.5m),
A 20124 (EUR 221.4m),
A 20131 (EUR 73.5m),
A 20151 (EUR 411.6m),
A 20171 (EUR 55.1m),
A 20172 (EUR 73.5m),
A 20173 (EUR 250.8m),
A 20181 (EUR 58.6m).
EUR Floating Rate Asset Backed Class B notes series with a current rating of AAsf / stable (current outstanding amount after the tap issuance):
B 20141 (EUR 21.2m),
B 20143 (EUR 20.8m),
B 20144 (EUR 0.2m),
B 20181 (EUR 4.5m).
The outstanding note volume has increased by EUR 396.1m following the tap issuance. The credit enhancements of Class A and B notes series remain above the minimum credit enhancements which Creditreform Rating assumed in its initial rating analysis (current total CE after the tap issuance 11.72% and 9.29% for Class A and B notes series, respectively). Therefore, the ratings of the existing Class A and B notes series are not affected by the tap issuance.

25.11.2019
Following a term takeout, Creditreform Rating confirms the ratings of Class A and B notes series of VCL Master S.A., acting for and on behalf of its Compartment 1, as follows:
EUR Floating Rate Asset Backed Class A notes series with a current rating of AAAsf /stable (current outstanding amount after the term takeout):
A 20102 (EUR 168.7m),
A 20104 (EUR 4.3m),
A 20112 (EUR 42.7m),
A 20121 (EUR 85.5m),
A 20122 (EUR 85.5m),
A 20123 (EUR 56.9m),
A 20124 (EUR 171.7m),
A 20131 (EUR 56.9m),
A 20151 (EUR 328.8m),
A 20171 (EUR 42.7m),
A 20172 (EUR 56.9m),
A 20173 (EUR 184.5m),
A 20181 (EUR 45.4m).
EUR Floating Rate Asset Backed Class B notes series with a current rating of AAsf / stable (current outstanding amount after the term takeout):
B 20141 (EUR 16.6m),
B 20143 (EUR 16.2m),
B 20144 (EUR 0.2m),
B 20181 (EUR 3.5m).
The outstanding note volume has increased by EUR 913.8m following the term takeout. The credit enhancements of Class A and B notes series remain above the minimum credit enhancements which Creditreform Rating assumed in its initial rating analysis (current total CE after the term takeout 12.06% and 9.62% for Class A and B notes series, respectively). Therefore, the ratings of the existing Class A and B notes series are not affected by the term takeout.

25.10.2019
Following a tap issuance, Creditreform Rating confirms the ratings of Class A and B notes series of VCL Master S.A., acting for and on behalf of its Compartment 1, as follows:
EUR Floating Rate Asset Backed Class A notes series with a current rating of AAAsf /stable (current outstanding amount after the tap issuance):
A 20102 (EUR 281.5m),
A 20104 (EUR 7.4m),
A 20112 (EUR 71.2m),
A 20121 (EUR 142.8m),
A 20122 (EUR 142.8m),
A 20123 (EUR 94.9m),
A 20124 (EUR 286.5m),
A 20131 (EUR 94.9m),
A 20151 (EUR 548.8m),
A 20171 (EUR 71.2m),
A 20172 (EUR 94.9m),
A 20173 (EUR 308m),
A 20181 (EUR 75.7m).
EUR Floating Rate Asset Backed Class B notes series with a current rating of AAsf / stable (current outstanding amount after the tap issuance):
B 20141 (EUR 27.3m),
B 20143 (EUR 26.7m),
B 20144 (EUR 0.4m),
B 20181 (EUR 5.8m).
The outstanding note volume has increased by EUR 400.7m following the tap issuance. The credit enhancements of Class A and B notes series remain above the minimum credit enhancements which Creditreform Rating assumed in its initial rating analysis (current total CE after the tap issuance 12.00% and 9.58% for Class A and B notes series, respectively). Therefore, the ratings of the existing Class A and B notes series are not affected by the tap issuance.

25.09.2019
After the renewal of the transaction, Creditreform Rating has confirmed ratings to the Class A and Class B notes series of VCL Master S.A., acting for and on behalf of its Compartment 1 (VCL Master C1), as follows:
EUR Floating Rate Asset Backed Class A notes series with a current rating of AAAsf/ stable (current outstanding amount):
A 20102 (EUR 217.5m),
A 20104 (EUR 7.4m),
A 20112 (EUR 55.2m),
A 20121 (EUR 110.8m),
A 20122 (EUR 110.8m),
A 20123 (EUR 73.6m),
A 20124 (EUR 222.5m),
A 20131 (EUR 73.6m),
A 20151 (EUR 548.8m),
A 20171 (EUR 55.2m),
A 20172 (EUR 73.6m),
A 20173 (EUR 222.6m),
A 20181 (EUR 58.6m).
EUR Floating Rate Asset Backed Class B notes series with a current rating of AAsf/ stable (current outstanding amount):
B 20141 (EUR 22.7m),
B 20143 (EUR 22.0m),
B 20144 (EUR 0.4m),
B 20181 (EUR 4.8m).
VCL Master C1 is a platform for VW Leasing GmbH (VWL) to securitise, on a revolving basis, German auto lease receivables. VCL Master C1 has currently issued 13 series of asset backed floating rate Class A Notes and four series of asset backed floating rate Class B Notes. The compartment may from time to time issue further series of Class A and Class B Notes.
VCL Master C1 securitises only the finance portion of the leases; residual values are not securitized by the Issuer. A combination of subordinated loan and overcollateralization will provide credit enhancement to the rated Class A notes series (current total CE 11.08%) and Class B notes (current total CE 8.65%). In addition, a cash reserve, currently amounting to 1.13% of the lease receivables balance, is available to provide credit enhancement to the Class A and B Notes.
To size the credit risk of the portfolio and derive base case assumptions about loss rates and expected recovery performance, Creditreform Rating used data provided by VWL as well as internal databases. Following the analysis of historical data, CRA set the base case gross loss rate at 1.49% and the base case recovery rate at 65%. The scenariospecific stress multiples were set at x6.77 and x5.10 in an AAAsf and AAsf scenario, respectively.
Moreover, CRA set the recovery haircuts at 48.45% (AAAsf) and 40.48% (AAsf), taking into account transactionspecific features such as observed volatility and established recovery procedures as well as potential market value risks. This resulted in total expected net losses of 6.71% (AAAsf) and 4.66% (AAsf). These scenariospecific assumptions were tested in CRA´s proprietary cash flow model, which was tailored to reflect the structure of VCL Master C1 and to test the transactions´ ability of paying interest and ultimate payment principal by final maturity.

27.08.2019
Following a tap issuance, Creditreform Rating confirms the ratings of Class A and B notes series of VCL Master S.A., acting for and on behalf of its Compartment 1, as follows:
EUR Floating Rate Asset Backed Class A notes series with a current rating of AAAsf /stable (current outstanding amount after the tap issuance):
A 20102 (EUR 217.5m),
A 20104 (EUR 7.4m),
A 20112 (EUR 55.2m),
A 20121 (EUR 110.8m),
A 20122 (EUR 110.8m),
A 20123 (EUR 73.6m),
A 20124 (EUR 222.5m),
A 20131 (EUR 73.6m),
A 20151 (EUR 548.8m),
A 20171 (EUR 55.2m),
A 20172 (EUR 73.6m),
A 20173 (EUR 222.6m),
A 20181 (EUR 58.6m).
EUR Floating Rate Asset Backed Class B notes series with a current rating of AAsf / stable (current outstanding amount after the tap issuance):
B 20141 (EUR 22.7m),
B 20143 (EUR 22.0m),
B 20144 (EUR 0.4m),
B 20181 (EUR 4.8m).
The outstanding note volume has increased by EUR 205.1m following the tap issuance. The credit enhancements of Class A and B notes series remain above the minimum credit enhancements which Creditreform Rating assumed in its initial rating analyses (current total CE after the tap issuance 12.22% and 9.79% for Class A and B notes series, respectively). Therefore, the ratings of the existing Class A and B notes series are not affected by the tap issuance.

26.07.2019
Following a tap issuance, Creditreform Rating confirms the ratings of Class A and B notes series of VCL Master S.A., acting for and on behalf of its Compartment 1, as follows:
EUR Floating Rate Asset Backed Class A notes series with a current rating of AAAsf /stable (current outstanding amount after the tap issuance):
A 20102 (EUR 193.3m),
A 20104 (EUR 7.4m),
A 20112 (EUR 49.2m),
A 20121 (EUR 98.7m),
A 20122 (EUR 98.7m),
A 20123 (EUR 65.5m),
A 20124 (EUR 198.3m),
A 20131 (EUR 65.5m),
A 20151 (EUR 488.5m),
A 20171 (EUR 49.2m),
A 20172 (EUR 65.5m),
A 20173 (EUR 198.4m),
A 20181 (EUR 52.2m).
EUR Floating Rate Asset Backed Class B notes series with a current rating of AAsf / stable (current outstanding amount after the tap issuance):
B 20141 (EUR 20.3m),
B 20143 (EUR 19.6m),
B 20144 (EUR 0.4m),
B 20181 (EUR 4.3m).
The outstanding note volume has increased by EUR 231.2m following the tap issuance. The credit enhancements of Class A and B notes series remain above the minimum credit enhancements which Creditreform Rating assumed in its initial rating analyses (current total CE after the tap issuance 12.30% and 9.87% for Class A and B notes series, respectively). Therefore, the ratings of the existing Class A and B notes series are not affected by the tap issuance.

25.06.2019
Following a tap issuance, Creditreform Rating confirms the ratings of Class A and B notes series of VCL Master S.A., acting for and on behalf of its Compartment 1, as follows:
EUR Floating Rate Asset Backed Class A notes series with a current rating of AAAsf /stable (current outstanding amount after the tap issuance):
A 20102 (EUR 166.1m),
A 20104 (EUR 7.4m),
A 20112 (EUR 42.4m),
A 20121 (EUR 85.1m),
A 20122 (EUR 85.1m),
A 20123 (EUR 56.4m),
A 20124 (EUR 171.1m),
A 20131 (EUR 56.4m),
A 20151 (EUR 420.3m),
A 20171 (EUR 42.4m),
A 20172 (EUR 56.4m),
A 20173 (EUR 171.2m),
A 20181 (EUR 44.9m).
EUR Floating Rate Asset Backed Class B notes series with a current rating of AAsf / stable (current outstanding amount after the tap issuance):
B 20141 (EUR 17.6m),
B 20143 (EUR 16.9m),
B 20144 (EUR 0.4m),
B 20181 (EUR 3.7m).
The outstanding note volume has increased by EUR 283m following the tap issuance. The credit enhancements of Class A and B notes series remain above the minimum credit enhancements which Creditreform Rating assumed in its initial rating analyses (current total CE after the tap issuance 12.43% and 10.00% for Class A and B notes series, respectively). Therefore, the ratings of the existing Class A and B notes series are not affected by the tap issuance.

28.05.2019
Following a tap issuance, Creditreform Rating confirms the ratings of Class A and B notes series of VCL Master S.A., acting for and on behalf of its Compartment 1, as follows:
EUR Floating Rate Asset Backed Class A notes series with a current rating of AAAsf /stable (current outstanding amount after the tap issuance):
A 20102 (EUR 132.7m),
A 20104 (EUR 7.4m),
A 20112 (EUR 34.1m),
A 20121 (EUR 68.4m),
A 20122 (EUR 68.4m),
A 20123 (EUR 45.3m),
A 20124 (EUR 137.7m),
A 20131 (EUR 45.3m),
A 20151 (EUR 336.9m),
A 20171 (EUR 34.1m),
A 20172 (EUR 45.3m),
A 20173 (EUR 137.8m),
A 20181 (EUR 36.1m).
EUR Floating Rate Asset Backed Class B notes series with a current rating of AAsf / stable (current outstanding amount after the tap issuance):
B 20141 (EUR 14.3m),
B 20143 (EUR 13.6m),
B 20144 (EUR 0.4m),
B 20181 (EUR 3.0m).
The outstanding note volume has increased by EUR 420.7m following the tap issuance. The credit enhancements of Class A and B notes series remain above the minimum credit enhancements which Creditreform Rating assumed in its initial rating analyses (current total CE after the tap issuance 12.90% and 10.45% for Class A and B notes series, respectively). Therefore, the ratings of the existing Class A and B notes series are not affected by the tap issuance.

25.04.2019
Following a term takeout, Creditreform Rating confirms the ratings of Class A and B notes series of VCL Master S.A., acting for and on behalf of its Compartment 1, as follows:
EUR Floating Rate Asset Backed Class A notes series with a current rating of AAAsf /stable (current outstanding amount after the term takeout):
A 20102 (EUR 81.7m),
A 20104 (EUR 7.4m),
A 20112 (EUR 26.1m),
A 20121 (EUR 43.5m),
A 20122 (EUR 43.5m),
A 20123 (EUR 28.8m),
A 20124 (EUR 86.7m),
A 20131 (EUR 28.8m),
A 20151 (EUR 213m),
A 20171 (EUR 21.7m),
A 20172 (EUR 28.8m),
A 20173 (EUR 86.8m),
A 20181 (EUR 22.9m).
EUR Floating Rate Asset Backed Class B notes series with a current rating of AAsf / stable (current outstanding amount after the term takeout):
B 20141 (EUR 9.4m),
B 20143 (EUR 8.7m),
B 20144 (EUR 0.4m),
B 20181 (EUR 1.9m).
The outstanding note volume has decreased by EUR 922.4m following the term takeout. The credit enhancements of Class A and B notes series remain above the minimum credit enhancements which Creditreform Rating assumed in its initial rating analyses (current total CE after the term takeout 14.34% and 11.86% for Class A and B notes series, respectively). Therefore, the ratings of the existing Class A and B notes series are not affected by the term takeout.

26.03.2019
Following a tap issuance, Creditreform Rating confirms the ratings of Class A and B notes series of VCL Master S.A., acting for and on behalf of its Compartment 1, as follows:
EUR Floating Rate Asset Backed Class A notes series with a current rating of AAAsf /stable (current outstanding amount after the tap issuance):
A 20102 (EUR 183.7m),
A 20104 (EUR 16.8m),
A 20112 (EUR 58.8m),
A 20121 (EUR 97.8m),
A 20122 (EUR 97.8m),
A 20123 (EUR 64.7m),
A 20124 (EUR 194.9m),
A 20131 (EUR 64.7m),
A 20151 (EUR 478.9m),
A 20171 (EUR 48.7m),
A 20172 (EUR 64.8m),
A 20173 (EUR 195.3m),
A 20181 (EUR 51.5m).
EUR Floating Rate Asset Backed Class B notes series with a current rating of AAsf / stable (current outstanding amount after the tap issuance):
B 20141 (EUR 20.4m),
B 20143 (EUR 18.7m),
B 20144 (EUR 1.0m),
B 20181 (EUR 4.0m).
The outstanding note volume has increased by EUR 160.1m following the tap issuance. The credit enhancements of Class A and B notes series remain above the minimum credit enhancements which Creditreform Rating assumed in its initial rating analyses (current total CE after the tap issuance 12.24% and 9.81% for Class A and B notes series, respectively). Therefore, the ratings of the existing Class A and B notes series are not affected by the tap issuance.

25.02.2019
Following a tap issuance, Creditreform Rating confirms the ratings of Class A and B notes series of VCL Master S.A., acting for and on behalf of its Compartment 1, as follows:
EUR Floating Rate Asset Backed Class A notes series with a current rating of AAAsf /stable (current outstanding amount after the tap issuance):
A 20102 (EUR 164.2m),
A 20104 (EUR 16.8m),
A 20112 (EUR 55.7m),
A 20121 (EUR 88.3m),
A 20122 (EUR 88.3m),
A 20123 (EUR 58.4m),
A 20124 (EUR 175.4m),
A 20131 (EUR 58.4m),
A 20151 (EUR 431.6m),
A 20171 (EUR 44.0m),
A 20172 (EUR 58.5m),
A 20173 (EUR 176.4m),
A 20181 (EUR 46.4m).
EUR Floating Rate Asset Backed Class B notes series with a current rating of AAsf / stable (current outstanding amount after the tap issuance):
B 20141 (EUR 18.5m),
B 20143 (EUR 16.8m),
B 20144 (EUR 1.0m),
B 20181 (EUR 3.7m).
The outstanding note volume has increased by EUR 185m following the tap issuance. The credit enhancements of Class A and B notes series remain above the minimum credit enhancements which Creditreform Rating assumed in its initial rating analyses (current total CE after the tap issuance 12.30% and 9.87% for Class A and B notes series, respectively). Therefore, the ratings of the existing Class A and B notes series are not affected by the tap issuance.

25.01.2019
Following a tap issuance, Creditreform Rating confirms the ratings of Class A and B notes series of VCL Master S.A., acting for and on behalf of its Compartment 1, as follows:
EUR Floating Rate Asset Backed Class A notes series with a current rating of AAAsf /stable (current outstanding amount after the tap issuance):
A 20102 (EUR 142.1m),
A 20104 (EUR 16.8m),
A 20112 (EUR 51.7m),
A 20121 (EUR 77.3m),
A 20122 (EUR 77.3m),
A 20123 (EUR 51.0m),
A 20124 (EUR 153.4m),
A 20131 (EUR 51.0m),
A 20151 (EUR 377.2m),
A 20171 (EUR 38.4m),
A 20172 (EUR 51.1m),
A 20173 (EUR 154.4m),
A 20181 (EUR 40.5m).
EUR Floating Rate Asset Backed Class B notes series with a current rating of AAsf / stable (current outstanding amount after the tap issuance):
B 20141 (EUR 16.4m),
B 20143 (EUR 14.6m),
B 20144 (EUR 1.0m),
B 20181 (EUR 3.2m).
The outstanding note volume has increased by EUR 177.4m following the tap issuance. The credit enhancements of Class A and B notes series remain above the minimum credit enhancements which Creditreform Rating assumed in its initial rating analyses (current total CE after the tap issuance 12.45% and 10.01% for Class A and B notes series, respectively). Therefore, the ratings of the existing Class A and B notes series are not affected by the tap issuance.

27.12.2018
Following a tap issuance, Creditreform Rating confirms the ratings of Class A and B notes series of VCL Master S.A., acting for and on behalf of its Compartment 1, as follows:
EUR Floating Rate Asset Backed Class A notes series with a current rating of AAAsf /stable (current outstanding amount after the tap issuance):
A 20102 (EUR 121.2m),
A 20104 (EUR 16.8m),
A 20112 (EUR 46.3m),
A 20121 (EUR 66.8m),
A 20122 (EUR 66.8m),
A 20123 (EUR 44.0m),
A 20124 (EUR 132.5m),
A 20131 (EUR 44.0m),
A 20151 (EUR 325.2m),
A 20171 (EUR 33.2m),
A 20172 (EUR 44.1m),
A 20173 (EUR 133.5m),
A 20181 (EUR 35.0m).
EUR Floating Rate Asset Backed Class B notes series with a current rating of AAsf / stable (current outstanding amount after the tap issuance):
B 20141 (EUR 14.3m),
B 20143 (EUR 12.5m),
B 20144 (EUR 1.0m),
B 20181 (EUR 2.8m).
The outstanding note volume has increased by EUR 120.9m following the tap issuance. The credit enhancements of Class A and B notes series remain above the minimum credit enhancements which Creditreform Rating assumed in its initial rating analyses (current total CE after the tap issuance 12.77% and 10.33% for Class A and B notes series, respectively). Therefore, the ratings of the existing Class A and B notes series are not affected by the tap issuance.

27.11.2018
Following a term take out, Creditreform Rating confirms the ratings of Class A and B notes series of VCL Master S.A., acting for and on behalf of its Compartment 1, as follows:
EUR Floating Rate Asset Backed Class A notes series with a current rating of AAAsf /stable (current outstanding amount after the tap issuance):
A 20102 (EUR 107.2m),
A 20104 (EUR 16.8m),
A 20112 (EUR 40.5m),
A 20121 (EUR 59.8m),
A 20122 (EUR 59.8m),
A 20123 (EUR 39.3m),
A 20124 (EUR 118.5m),
A 20131 (EUR 39.3m),
A 20151 (EUR 290.5m),
A 20171 (EUR 29.7m),
A 20172 (EUR 39.4m),
A 20173 (EUR 119.5m),
A 20181 (EUR 31.3m).
EUR Floating Rate Asset Backed Class B notes series with a current rating of AAsf / stable (current outstanding amount after the tap issuance):
B 20141 (EUR 12.9m),
B 20143 (EUR 11.1m),
B 20144 (EUR 1.0m),
B 20181 (EUR 2.5m).
The outstanding note volume has decreased by EUR 866.8m following the term take out. The credit enhancements of Class A and B notes series remain above the minimum credit enhancements which Creditreform Rating assumed in its initial rating analyses (current total CE after the tap issuance 12.85% and 10.39% for Class A and B notes series, respectively). Therefore, the ratings of the existing Class A and B notes series are not affected by the term take out.

25.10.2018
Creditreform Rating has assigned ratings to the newly issued notes series A 20181 and B 20181 of VCL Master S.A., acting for and on behalf of its Compartment 1, as follows:
EUR Floating Rate Asset Backed Class A notes series with a current rating of AAAsf / stable (current outstanding amount after the tap issuance): A 20181 (EUR 58.0m)
EUR Floating Rate Asset Backed Class B notes series with a current rating of AAsf / stable (current outstanding amount after the tap issuance): B 20181 (EUR 4.5m)
Except for series A 20104 and B 20144, the volume of all existing Class A and B notes series has increased following a tap issuance. The total outstanding note volume has increased by EUR 482.4m. The credit enhancements of Class A and B notes series remain above the minimum credit enhancements which Creditreform Rating assumed in its initial rating analyses (current total CE after the tap issuance 12.43% and 10.00% for Class A and B notes series, respectively). Therefore, the ratings of the existing Class A and B notes series are not affected by the tap issuance and the issuance of new notes series. The ratings remain as follows:
EUR Floating Rate Asset Backed Class A notes series with a current rating of AAAsf /stable (current outstanding amount after the tap issuance):
A 20102 (EUR 198.5m),
A 20104 (EUR 31.2m),
A 20112 (EUR 75.0m),
A 20121 (EUR 110.7m),
A 20122 (EUR 110.7m),
A 20123 (EUR 72.8m),
A 20124 (EUR 219.3m),
A 20131 (EUR 72.8m),
A 20151 (EUR 537.7m),
A 20171 (EUR 54.9m),
A 20172 (EUR 72.9m),
A 20173 (EUR 221.2m).
EUR Floating Rate Asset Backed Class B notes series with a current rating of AAsf / stable (current outstanding amount after the tap issuance):
B 20141 (EUR 23.5m),
B 20143 (EUR 20.2m),
B 20144 (EUR 2.0m).

25.09.2018
Creditreform Rating has assigned ratings to the Class A and Class B notes series of VCL Master S.A., acting for and on behalf of its Compartment 1 (VCL Master), as follows:
EUR Floating Rate Asset Backed Class A notes series with a current rating of AAAsf /stable (current outstanding amount):
A 20102 (EUR 146.5m),
A 20104 (EUR 31.2m),
A 20112 (EUR 69.6m),
A 20121 (EUR 83.7m),
A 20122 (EUR 83.7m),
A 20123 (EUR 55.8m),
A 20124 (EUR 167.3m),
A 20131 (EUR 55.8m),
A 20151 (EUR 407.2m),
A 20171 (EUR 39.9m),
A 20172 (EUR 55.9m),
A 20173 (EUR 169.2m).
EUR Floating Rate Asset Backed Class B notes series with a current rating of AAsf / stable (current outstanding amount):
B 20141 (EUR 19.5m),
B 20143 (EUR 16.2m),
B 20144 (EUR 2.0m).
VCL Master is a platform for VW Leasing GmbH (VWL) to securitise, on a revolving basis, German auto lease receivables. VCL Master has currently issued twelve series of asset backed floating rate Class A Notes and three series of asset backed floating rate Class B Notes. The compartment may from time to time issue further series of Class A and Class B Notes.
VCL Master securitises only the finance portion of the leases; residual values are not securitized by the Issuer. A combination of subordinated loan, overcollateralization and a cash reserve will provide credit enhancement to the rated Class A notes series (current total CE 12.81%) and Class B notes (current total CE 10.37%).
To size the credit risk of the portfolio and derive base case assumptions about loss rates and expected recovery performance, Creditreform Rating used data provided by VWL as well as internal databases. Following the analysis of historical data, CRA set the base case gross loss rate at 1.70% and the base case recovery rate at 65%.
The CRA Portfolio and Benchmark Analysis revealed an elevated level of portfolio credit risk compared to historical benchmarks. The more current picture of credit quality in the portfolio was taken into account in setting the relatively high scenariospecific stress multiples at x6.25 and x4.97 in an AAAsf and AAsf scenario, respectively.
Moreover, CRA set the recovery haircuts at 43.03% (AAAsf) and 35.95% (AAsf), taking into account transactionspecific features such as observed volatility and established recovery procedures as well as potential market value risks caused by the manipulation of EA189 diesel emissions. This resulted in total expected net losses of 6.68% (AAAsf) and 4.93% (AAsf). These scenariospecific assumptions were tested in CRA´s proprietary cash flow model, which was tailored to reflect the structure of VCL Master and to test the transactions´ ability of paying interest and ultimate payment principal by final maturity.

28.08.2018
Following a tap issuance, Creditreform Rating confirms the ratings of Class A and B notes series of VCL Master S.A., acting for and on behalf of its Compartment 1, as follows:
EUR Floating Rate Asset Backed Class A notes series with a current rating of AAAsf /stable (current outstanding amount):
A 20102 (EUR 146.5m),
A 20104 (EUR 31.2m),
A 20112 (EUR 69.6m),
A 20121 (EUR 83.7m),
A 20122 (EUR 83.7m),
A 20123 (EUR 55.8m),
A 20124 (EUR 167.3m),
A 20131 (EUR 55.8m),
A 20151 (EUR 407.2m),
A 20171 (EUR 39.9m),
A 20172 (EUR 55.9m),
A 20173 (EUR 169.2m).
EUR Floating Rate Asset Backed Class B notes series with a current rating of A+sf / stable (current outstanding amount):
B 20141 (EUR 19.5m),
B 20143 (EUR 16.2m),
B 20144 (EUR 2.0m).
The outstanding note volume has increased by EUR 215.8 following the tap issuance. The credit enhancements of Class A and B notes series remain above the minimum credit enhancements which Creditreform Rating assumed in its initial rating analyses (current total CE after the tap issuance 12.85% and 10.41% for Class A and B notes series, respectively). Therefore, the ratings of the existing Class A and B notes series are not affected by the tap issuance.

15.08.2018
Creditreform Rating (CRA) has reviewed the ratings of the Class A and B notes series of VCL Master S.A., acting for and on behalf of its Compartment 1 (VCL Master) due to changes in the methodologies Rating Methodology Auto ABS Securitizations and Technical Documentation Portfolio Loss Distributions and in accordance with regulatory requirements. CRA removes the (watch) status and confirms the ratings of Class A and B notes series of VCL Master, as follows:
EUR Floating Rate Asset Backed Class A notes series with a current rating of AAAsf /stable (current outstanding amount):
A 20102 (EUR 120.7m),
A 20104 (EUR 31.2m),
A 20112 (EUR 58.9m),
A 20121 (EUR 70.8m),
A 20122 (EUR 70.8m),
A 20123 (EUR 47.2m),
A 20124 (EUR 141.6m),
A 20131 (EUR 47.2m),
A 20151 (EUR 342.9m),
A 20171 (EUR 33.5m),
A 20172 (EUR 47.3m),
A 20173 (EUR 143.5m).
EUR Floating Rate Asset Backed Class B notes series with a current rating of A+sf / stable (current outstanding amount):
B 20141 (EUR 16.6m),
B 20143 (EUR 13.5m),
B 20144 (EUR 2.0m).
The current total credit enhancement is 13.29% and 10.85% for Class A and B notes series, respectively. The credit enhancements of Class A and B notes series remain above the minimum credit enhancements which Creditreform Rating assumed in its rating analyses. The rating actions take into account the changes in the methodologies Rating Methodology Auto ABS Securitizations and Technical Documentation Portfolio Loss Distributions as of July 30 2018.

02.08.2018
Creditreform Rating has set the ratings of the Class A and Class B notes series of VCL Master S.A., acting for and on behalf of its Compartment 1, to (watch) and is going to review the ratings due to a methodology change and in accordance with regulatory requirements. The review is openended.
EUR Floating Rate Asset Backed Class A notes series with a current rating of AAAsf (watch):
A 20102
A 20104
A 20112
A 20121
A 20122
A 20123
A 20124
A 20131
A 20151
A 20171
A 20172
A 20173
EUR Floating Rate Asset Backed Class B notes series with a current rating of A+sf (watch):
B 20141
B 20143
B 20144

25.07.2018
Following a tap issuance, Creditreform Rating confirms the ratings of Class A and B notes series of VCL Master S.A., acting for and on behalf of its Compartment 1, as follows:
EUR Floating Rate Asset Backed Class A notes series with a current rating of AAAsf /stable (current outstanding amount after the tap issuance):
A 20102 (EUR 120.7m),
A 20104 (EUR 31.2m),
A 20112 (EUR 58.9m),
A 20121 (EUR 70.8m),
A 20122 (EUR 70.8m),
A 20123 (EUR 47.2m),
A 20124 (EUR 141.6m),
A 20131 (EUR 47.2m),
A 20151 (EUR 342.9m),
A 20171 (EUR 33.5m),
A 20172 (EUR 47.3m),
A 20173 (EUR 143.5m).
EUR Floating Rate Asset Backed Class B notes series with a current rating of A+sf / stable (current outstanding amount after the tap issuance):
B 20141 (EUR 16.6m),
B 20143 (EUR 13.5m),
B 20144 (EUR 2.0m).
The outstanding note volume has increased by EUR 218.1m following the tap issuance. The credit enhancements of Class A and B notes series remain above the minimum credit enhancements which Creditreform Rating assumed in its initial rating analyses (current total CE after the tap issuance 13.29% and 10.85% for Class A and B notes series, respectively). Therefore, the ratings of the existing Class A and B notes series are not affected by the tap issuance.

25.06.2018
Following a tap issuance, Creditreform Rating confirms the ratings of Class A and B notes series of VCL Master S.A., acting for and on behalf of its Compartment 1, as follows:
EUR Floating Rate Asset Backed Class A notes series with a current rating of AAAsf /stable (current outstanding amount after the tap issuance):
A 20102 (EUR 94.7m),
A 20104 (EUR 31.2m),
A 20112 (EUR 48.1m),
A 20121 (EUR 57.8m),
A 20122 (EUR 57.8m),
A 20123 (EUR 38.5m),
A 20124 (EUR 115.6m),
A 20131 (EUR 38.5m),
A 20151 (EUR 277.8m),
A 20171 (EUR 27.0m),
A 20172 (EUR 38.6m),
A 20173 (EUR 117.5m).
EUR Floating Rate Asset Backed Class B notes series with a current rating of A+sf / stable (current outstanding amount after the tap issuance):
B 20141 (EUR 13.7m),
B 20143 (EUR 10.8m),
B 20144 (EUR 2.0m).
The outstanding note volume has increased by EUR 230.7m following the tap issuance. The credit enhancements of Class A and B notes series remain above the minimum credit enhancements which Creditreform Rating assumed in its initial rating analyses (current total CE after the tap issuance 13.96% and 11.50% for Class A and B notes series, respectively). Therefore, the ratings of the existing Class A and B notes series are not affected by the tap issuance.

25.05.2018
Following a tap issuance, Creditreform Rating confirms the ratings of Class A and B notes series of VCL Master S.A., acting for and on behalf of its Compartment 1, as follows:
EUR Floating Rate Asset Backed Class A notes series with a current rating of AAAsf /stable (current outstanding amount after the tap issuance):
A 20102 (EUR 67.2m),
A 20104 (EUR 31.2m),
A 20112 (EUR 36.7m),
A 20121 (EUR 44.0m),
A 20122 (EUR 44.0m),
A 20123 (EUR 29.3m),
A 20124 (EUR 88.1m),
A 20131 (EUR 29.3m),
A 20151 (EUR 209.0m),
A 20171 (EUR 20.1m),
A 20172 (EUR 29.4m),
A 20173 (EUR 90.0m).
EUR Floating Rate Asset Backed Class B notes series with a current rating of A+sf / stable (current outstanding amount after the tap issuance):
B 20141 (EUR 10.7m),
B 20143 (EUR 7.9m),
B 20144 (EUR 2.0m).
The outstanding note volume has increased by EUR 312.1m following the tap issuance. The credit enhancements of Class A and B notes series remain above the minimum credit enhancements which Creditreform Rating assumed in its initial rating analyses (current total CE after the tap issuance 15.11% and 12.62% for Class A and B notes series, respectively). Therefore, the ratings of the existing Class A and B notes series are not affected by the tap issuance.

26.04.2018
Following a term takeout, Creditreform Rating confirms the ratings of Class A and B notes series of VCL Master S.A., acting for and on behalf of its Compartment 1, as follows:
EUR Floating Rate Asset Backed Class A notes series (current outstanding amount after the term takeout):
Series Amount Rating Outlook
A 20102 30,000,000 AAAsf stable
A 20104 31,200,000 AAAsf stable
A 20112 21,200,000 AAAsf stable
A 20121 25,400,000 AAAsf stable
A 20122 25,400,000 AAAsf stable
A 20123 16,900,000 AAAsf stable
A 20124 50,900,000 AAAsf stable
A 20131 16,900,000 AAAsf stable
A 20151 115,800,000 AAAsf stable
A 20171 10,800,000 AAAsf stable
A 20172 17,000,000 AAAsf stable
A 20173 52,800,000 AAAsf stable
EUR Floating Rate Asset Backed Class B notes series (current outstanding amount after the term takeout):
Series Amount Rating Outlook
B 20141 6,600,000 A+sf stable
B 20143 3,900,000 A+sf stable
B 20144 2,000,000 A+sf stable
The outstanding note volume has decreased by EUR 1.47bn following the term takeout. The credit enhancements of Class A and B notes series remain above the minimum credit enhancements which Creditreform Rating assumed in its initial rating analyses (current total CE after the term takeout 18.69% and 16.13% for Class A and B notes series, respectively). Therefore, the ratings of the existing Class A and B notes series are not affected by the term takeout. In addition, Creditreform assigns a stable rating outlook to the ratings of the Class A and B notes.

27.03.2018
Following a tap issuance, Creditreform Rating confirms the ratings of Class A and B notes series of VCL Master S.A., acting for and on behalf of its Compartment 1, as follows:
EUR Floating Rate Asset Backed Class A notes series with a current rating of AAAsf (current outstanding amount after the tap issuance):
A 20102 (EUR 133.6m),
A 20104 (EUR 139m),
A 20112 (EUR 94.5m),
A 20121 (EUR 113.3m),
A 20122 (EUR 113.3m),
A 20123 (EUR 75.5m),
A 20124 (EUR 226.6m),
A 20131 (EUR 75.5m),
A 20151 (EUR 515.8m),
A 20171 (EUR 48m),
A 20172 (EUR 75.5m),
A 20173 (EUR 235.4m).
EUR Floating Rate Asset Backed Class B notes series with a current rating of A+sf (current outstanding amount after the tap issuance):
B 20141 (EUR 26.8m),
B 20143 (EUR 15.8m),
B 20144 (EUR 8.1m).
The outstanding note volume has increased by EUR 119.4m following the tap issuance. The credit enhancements of Class A and B notes series remain above the minimum credit enhancements which Creditreform Rating assumed in its initial rating analyses (current total CE after the tap issuance 12.51% and 10.08% for Class A and B notes series, respectively). Therefore, the ratings of the existing Class A and B notes series are not affected by the tap issuance.

26.02.2018
Following a tap issuance, Creditreform Rating confirms the ratings of Class A and B notes series of VCL Master S.A., acting for and on behalf of its Compartment 1, as follows:
EUR Floating Rate Asset Backed Class A notes series with a current rating of AAAsf (current outstanding amount after the tap issuance):
A 20102 ( EUR 119.4m), A 20104 (EUR 139m), A 20112 (EUR 88.5m), A 20121 (EUR 106.2m), A 20122 (EUR 106.2m), A 20123 (EUR 70.8m), A 20124 (EUR 212.4m), A 20131 (EUR 70.8m), A 20151 (EUR 480.1m), A 20171 (EUR 44.3m), A 20172 (EUR 70.8m), and A 20173 (EUR 221.2m).
EUR Floating Rate Asset Backed Class B notes series with a current rating of A+sf (current outstanding amount after the tap issuance):
B 20141 (EUR 25.2m), B 20143 (EUR 14.3m), and B 20144 (EUR 8.1m).
The outstanding note volume has increased by EUR 165.1m following the tap issuance. The credit enhancements of Class A and B notes series remain above the minimum credit enhancements which Creditreform Rating assumed in its initial rating analyses (current total CE after the tap issuance 12.55% and 10.11% for Class A and B notes series, respectively). Therefore, the ratings of the existing Class A and B notes series are not affected by the tap issuance.

25.01.2018
Following a tap issuance, Creditreform Rating confirms the ratings of Class A and B notes series of VCL Master S.A., acting for and on behalf of its Compartment 1, as follows:
EUR Floating Rate Asset Backed Class A notes series with a current rating of AAAsf (current outstanding amount after the tap issuance):
A 20102 ( EUR 99.7m), A 20104 (EUR 139m), A 20112 (EUR 80.3m), A 20121 (EUR 96.4m), A 20122 (EUR 96.4m), A 20123 (EUR 64.2m), A 20124 (EUR 192.7m), A 20131 (EUR 64.2m), A 20151 (EUR 430.8m), A 20171 (EUR 39.4m), A 20172 (EUR 64.2m), and A 20173 (EUR 201.5m).
EUR Floating Rate Asset Backed Class B notes series with a current rating of A+sf (current outstanding amount after the tap issuance):
B 20141 (EUR 23.1m), B 20143 (EUR 12.2m), and B 20144 (EUR 8.1m).
The outstanding note volume has increased by EUR 197.2m following the tap issuance. The credit enhancements of Class A and B notes series remain above the minimum credit enhancements which Creditreform Rating assumed in its initial rating analyses (current total CE after the tap issuance 12.64% and 10.19% for Class A and B notes series, respectively). Therefore, the ratings of the existing Class A and B notes series are not affected by the tap issuance.

28.12.2017
Following a tap issuance, Creditreform Rating confirms the ratings of Class A and B notes series of VCL Master S.A., acting for and on behalf of its Compartment 1, as follows:
EUR Floating Rate Asset Backed Class A notes series with a current rating of AAAsf (current outstanding amount after the tap issuance):
A 20102 ( EUR 76.1m), A 20104 (EUR 139m), A 20112 (EUR 70.5m), A 20121 (EUR 84.6m), A 20122 (EUR 84.6m), A 20123 (EUR 56.4m), A 20124 (EUR 169.2m), A 20131 (EUR 56.4m), A 20151 (EUR 372m), A 20171 (EUR 33.5m), A 20172 (EUR 56.4m), and A 20173 (EUR 178m).
EUR Floating Rate Asset Backed Class B notes series with a current rating of A+sf (current outstanding amount after the tap issuance):
B 20141 (EUR 20.5m), B 20143 (EUR 9.7m), and B 20144 (EUR 8.1m).
The outstanding note volume has increased by EUR 296.6m following the tap issuance. The credit enhancements of Class A and B notes series remain above the minimum credit enhancements which Creditreform Rating assumed in its initial rating analyses (current total CE after the tap issuance 12.80% and 10.35% for Class A and B notes series, respectively). Therefore, the ratings of the existing Class A and B notes series are not affected by the tap issuance.

28.11.2017
Following November´s term take out, Creditreform Rating confirms the ratings of Class A and B notes series of VCL Master S.A., acting for and on behalf of its Compartment 1, as follows:
EUR Floating Rate Asset Backed Class A notes series (current outstanding amount after the term take out):
Name Amount EUR Rating
Series A 20102 40.700.000,00 AAAsf
Series A 20104 139.000.000,00 AAAsf
Series A 20112 55.800.000,00 AAAsf
Series A 20121 66.900.000,00 AAAsf
Series A 20122 66.900.000,00 AAAsf
Series A 20123 44.600.000,00 AAAsf
Series A 20124 133.800.000,00 AAAsf
Series A 20131 44.600.000,00 AAAsf
Series A 20151 283.600.000,00 AAAsf
Series A 20171 33.500.000,00 AAAsf
Series A 20172 44.600.000,00 AAAsf
Series A 20173 133.800.000,00 AAAsf
EUR Floating Rate Asset Backed Class B notes series (current outstanding amount after the tap issuance):
Name Amount EUR Rating
Series B 20141 16.600.000,00 A+sf
Series B 20143 5.900.000,00 A+sf
Series B 20144 8.100.000,00 A+sf
The outstanding note volume has decreased by EUR 1.461bn following the take out. The credit enhancements of Class A and B notes series remain above the minimum credit enhancements which Creditreform Rating assumed in its initial rating analyses (current total CE after the tap issuance 13.31% and 10.83% for Class A and B notes series, respectively). Therefore, the ratings of the existing Class A and B notes series are not affected by the take out.

25.10.2017
Following a tap issuance, Creditreform Rating confirms the ratings of Class A and B notes series of VCL Master S.A., acting for and on behalf of its Compartment 1, as follows:
EUR Floating Rate Asset Backed Class A notes series (current outstanding amount after the tap issuance):
Series Amount Rating
A 20102 91,200,000 AAAsf
A 20104 312,000,000 AAAsf
A 20112 125,000,000 AAAsf
A 20121 150,000,000 AAAsf
A 20122 150,000,000 AAAsf
A 20123 100,000,000 AAAsf
A 20124 300,000,000 AAAsf
A 20131 100,000,000 AAAsf
A 20151 635,800,000 AAAsf
A 20171 75,000,000 AAAsf
A 20172 100,000,000 AAAsf
A 20173 300,000,000 AAAsf
EUR Floating Rate Asset Backed Class B notes series (current outstanding amount after the tap issuance):
Series Amount Rating
B 20141 52,000,000 A+sf
B 20143 18,400,000 A+sf
B 20144 25,300,000 A+sf
The outstanding note volume has increased by EUR 251.1m following the tap issuance. The credit enhancements of Class A and B notes series remain above the minimum credit enhancements which Creditreform Rating assumed in its initial rating analyses (current total CE after the tap issuance 14.96% and 11.58% for Class A and B notes series, respectively). Therefore, the ratings of the existing Class A and B notes series are not affected by the tap issuance.