Auto Asset Backed Floating Rate Class B Notes

Auto Asset Backed Floating Rate Class B Notes

Rating History
RatingWatchOutlookDatum
A+sf 23.11.2017
A+sf 20.10.2017
News
  • 23.11.2017
    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 2010-2 91,200,000 AAAsf A 2010-4 312,000,000 AAAsf A 2011-2 125,000,000 AAAsf A 2012-1 150,000,000 AAAsf A 2012-2 150,000,000 AAAsf A 2012-3 100,000,000 AAAsf A 2012-4 300,000,000 AAAsf A 2013-1 100,000,000 AAAsf A 2015-1 635,800,000 AAAsf A 2017-1 75,000,000 AAAsf A 2017-2 100,000,000 AAAsf A 2017-3 300,000,000 AAAsf EUR Floating Rate Asset Backed Class B notes series (current outstanding amount after the tap issuance): Series Amount Rating B 2014-1 52,000,000 A+sf B 2014-3 18,400,000 A+sf B 2014-4 25,300,000 A+sf The outstanding note volume has increased by EUR 251.1m 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 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.