Auto Asset Backed Floating Rate Class A Notes

Auto Asset Backed Floating Rate Class A Notes

Rating History
RatingWatchOutlookErstellungVeröffentlichungMax. Gültig Bis
AAAsf Outlook STA10.08.201814.08.2018 25.09.2024
AAAsf 21.09.201726.09.2017 25.09.2024
AAAsf Watch UNW26.07.201802.08.2008 25.09.2024
News
  • 14.08.2018
    Creditreform Rating (CRA) has reviewed the ratings of the Class A and B notes series of VCL Master Residual Value S.A., acting for and on behalf of its Compartment 2 (VCL RV2) due to changes in the methodologies “Rating Methodology Auto ABS Securitizations” and “Technical Documentation Portfolio Loss Distributions” and in accordance with regulatory requirements. CRA removes the (watch) status and confirms the ratings of the Class A and B notes series of VCL RV2, as follows:

    EUR Floating Rate Asset Backed Class A notes series with a current rating of AAAsf / stable (current outstanding amount):

    A 2015-1 (EUR 170.0m),
    A 2015-2 (EUR 255.0m),
    A 2015-3 (EUR 250.0m),
    A 2015-4 (EUR 300.0m),
    A 2015-5 (EUR 250.0m),
    A 2015-6 (EUR 150.0m),
    A 2016-1 (EUR 200.0m),
    A 2016-2 (EUR 50.0m),
    A 2016-4 (EUR 325.0m),
    A 2017-1 (EUR 300.0m).

    EUR Floating Rate Asset Backed Class B notes series with a current rating of A+sf / stable (current outstanding amount):

    B 2015-1 (EUR 30.0m),
    B 2015-2 (EUR 39.1m),
    B 2015-3 (EUR 166.4m),
    B 2016-1 (EUR 45.0m),
    B 2016-3 (EUR 151.9m),
    B 2017-1 (EUR 43.3m).

    The outstanding note volume is EUR 2.73bn. The credit enhancements of Class A and B notes series remain above the minimum credit enhancements which Creditreform Rating assumed in its rating analyses (current total CE 49.91% and 38.73% for Class A and B notes series, respectively). The rating actions take into account the changes in the methodologies “Rating Methodology Auto ABS Securitizations” and “Technical Documentation Portfolio Loss Distributions” as of July 30 2018.