Auto Asset Backed Floating Rate Class A Notes

Auto Asset Backed Floating Rate Class A Notes

Rating History
RatingWatchOutlookDatum
AAAsf 23.11.2017
AAAsf 20.10.2017
News
  • 23.11.2017
    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 Com-partment 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 2010-2 40.700.000,00 AAAsf Series A 2010-4 139.000.000,00 AAAsf Series A 2011-2 55.800.000,00 AAAsf Series A 2012-1 66.900.000,00 AAAsf Series A 2012-2 66.900.000,00 AAAsf Series A 2012-3 44.600.000,00 AAAsf Series A 2012-4 133.800.000,00 AAAsf Series A 2013-1 44.600.000,00 AAAsf Series A 2015-1 283.600.000,00 AAAsf Series A 2017-1 33.500.000,00 AAAsf Series A 2017-2 44.600.000,00 AAAsf Series A 2017-3 133.800.000,00 AAAsf EUR Floating Rate Asset Backed Class B notes series (current outstanding amount after the tap issuance): Name Amount EUR Rating Series B 2014-1 16.600.000,00 A+sf Series B 2014-3 5.900.000,00 A+sf Series B 2014-4 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 min-imum 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.