Auto Asset Backed Floating Rate Class A Notes

Auto Asset Backed Floating Rate Class A Notes

Rating History
RatingWatchOutlookDatum
AAAsf 21.12.2017
AAAsf 23.11.2017
AAAsf 20.10.2017
News
  • 21.12.2017
    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 2010-2 ( EUR 76.1m), A 2010-4 (EUR 139m), A 2011-2 (EUR 70.5m), A 2012-1 (EUR 84.6m), A 2012-2 (EUR 84.6m), A 2012-3 (EUR 56.4m), A 2012-4 (EUR 169.2m), A 2013-1 (EUR 56.4m), A 2015-1 (EUR 372m), A 2017-1 (EUR 33.5m), A 2017-2 (EUR 56.4m), and A 2017-3 (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 2014-1 (EUR 20.5m), B 2014-3 (EUR 9.7m), and B 2014-4 (EUR 8.1m). The outstanding note volume has increased by EUR 296.6m 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 12.80% 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.