Auto Asset Backed Floating Rate Class A Notes

Auto Asset Backed Floating Rate Class A Notes

Rating History
RatingWatchOutlookDatum
AAAsf 23.01.2018
AAAsf 21.12.2017
AAAsf 23.11.2017
AAAsf 20.10.2017
News
  • 23.01.2018
    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 2010-2 ( EUR 99.7m), A 2010-4 (EUR 139m), A 2011-2 (EUR 80.3m), A 2012-1 (EUR 96.4m), A 2012-2 (EUR 96.4m), A 2012-3 (EUR 64.2m), A 2012-4 (EUR 192.7m), A 2013-1 (EUR 64.2m), A 2015-1 (EUR 430.8m), A 2017-1 (EUR 39.4m), A 2017-2 (EUR 64.2m), and A 2017-3 (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 2014-1 (EUR 23.1m), B 2014-3 (EUR 12.2m), and B 2014-4 (EUR 8.1m). The outstanding note volume has increased by EUR 197.2m following the tap issu-ance. 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.