23.02.2018

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 2010-2 ( EUR 119.4m), A 2010-4 (EUR 139m), A 2011-2 (EUR 88.5m), A 2012-1 (EUR 106.2m), A 2012-2 (EUR 106.2m), A 2012-3 (EUR 70.8m), A 2012-4 (EUR 212.4m), A 2013-1 (EUR 70.8m), A 2015-1 (EUR 480.1m), A 2017-1 (EUR 44.3m), A 2017-2 (EUR 70.8m), and A 2017-3 (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 2014-1 (EUR 25.2m), B 2014-3 (EUR 14.3m), and B 2014-4 (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.

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.

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.

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.