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Class A Asset Backed Floating Rate Notes of 2016/2022

VCL Multi-Compartment S.A., Compartment VCL 23

Rating History

Rating Watch Outlook Erstellung Veröffentlichung Max. Gültig Bis
n.r. 22.11.2018 23.11.2018 22.11.2018
AAAsf Outlook STA 10.08.2018 14.08.2018 21.01.2022
AAAsf Watch UNW 26.07.2018 02.08.2018 21.01.2022
AAAsf Outlook STA 23.04.2018 25.04.2018 21.01.2022
AAAsf 21.04.2016 26.04.2016 21.01.2022

News

  • 23.11.2018
    Creditreform Rating (CRA) has withdrawn the ratings of the Class A Notes and Class B Notes of VCL Multi-Compartment S.A., acting for and on behalf of its Compartment 23. The rating action reflects the full redemption of the Class A Notes and B Notes as of 21 November 2018.

    Before the payment in full the remaining balances and ratings were as follows:

    EUR Floating Rate Asset Backed Class A notes (EUR 65,882,840.40): AAAsf / stable

    EUR Floating Rate Asset Backed Class B notes (EUR 3,566,291.96): AA+sf / stable
  • 14.08.2018
    Creditreform Rating (CRA) has reviewed the ratings of the Class A and B Notes of VCL Multi-Compartment S.A., acting for and on behalf of its Compartment 23 (VCL 23) 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 rating of the Class A Notes and upgrades the rating of the Class B Notes of VCL 23, as follows:


    EUR Floating Rate Asset Backed Class A notes with a current rating of AAAsf / stable (current outstanding amount: EUR 102,575,327.40)

    EUR Floating Rate Asset Backed Class B notes with a current rating of AA+sf (from AAsf) / stable (current outstanding amount: EUR 5,552,441.40)


    The transaction is a securitisation of German auto lease receivables with closing in April 2016, originated by Volkswagen Leasing GmbH (VWL). As of July 2018 the outstanding discounted balance amounts to EUR 117m with a share of 0.79% of the outstanding discounted balance being delinquent two months or more. The cumulative net loss ratio is 0.12% of the initial discounted receivables balance.

    Currently, the Class A and B Notes represent 87.75% and 4.75% of the outstanding discounted receivables balance, respectively. Credit enhancement to the notes is provided by a Subordinated Loan (1.69%), overcollateralization (5.81%), and a cash reserve of currently 6.42% of the outstanding discounted receivables balance. Since the closing the credit enhancement level of the Class A Notes increased from 7.60% to 18.67%, while the credit enhancement level of the Class B Notes increased from 5.11% to 13.92%.

    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, the increased credit enhancement levels for the Class A and B Notes and the overall portfolio performance as of the end of July 2018, including a low level of the cumulative net loss ratio.
  • 02.08.2018
    Creditreform Rating has set the ratings of the Class A and Class B Notes of VCL Multi-Compartment S.A., acting for and on behalf of its Compartment 23 (VCL 23), to (watch) and is going to review the ratings due to a methodology change and in accordance with regulatory requirements. The review is open-ended.

    EUR Floating Rate Asset Backed notes:

    Class A AAAsf (watch)
    Class B AAsf (watch)
  • 25.04.2018
    Creditreform Rating (CRA) confirms the rating of the Class A Notes and upgraded the rating of the Class B Notes of VCL Multi-Compartment S.A., acting for and on behalf of its Compartment 23 (VCL 23), as follows:


    EUR Floating Rate Asset Backed notes:

    Class Outstanding Amount Rating / Outlook

    Class A 147,574,580.40 AAAsf / stable
    Class B 7,988,361.37 AAsf (from A+sf) / stable


    The transaction is a securitisation of German auto lease receivables with closing in April 2016, originated by Volkswagen Leasing GmbH (VWL). As of April 2018 the outstanding discounted balance amounts to EUR 168m with an share of 0.78% of the outstanding discounted balance being delinquent two months or more. The cumulative net loss ratio is 0.11% of the initial discounted receivables balance.

    Currently, the Class A and B Notes represent 87.75% and 4.75% of the outstanding discounted receivables balance, respectively. Credit enhancement to the notes is provided by a Subordinated Loan (3.33%), overcollateralization (4.17%), and a cash reserve of currently 4.46% of the outstanding discounted receivables balance. Since the closing the credit enhancement level of the Class A Notes increased from 7.60% to 16.71%, while the credit enhancement level of the Class B Notes increased from 5.11% to 11.96%.

    The rating actions taking into account the increased credit enhancement levels for the Class A and B Notes and the overall portfolio performance as of the end of March 2018, including a low level of the cumulative net loss ratio.
  • 26.04.2016
    Creditreform Rating has assigned ratings to the Class A and Class B Notes of VCL Multi-Compartment S.A., acting for and on behalf of its Compartment 23 (VCL 23), as follows:

    EUR Floating Rate Asset Backed Class A Notes : AAA(sf)

    EUR Floating Rate Asset Backed Class B Notes : A+(sf)

    The transaction is a securitisation of German auto lease receivables, originated by Volkswagen Leasing GmbH (VWL). To size the credit risk of the portfolio and derive base case assumptions about loss rates and expected recovery performance, Creditreform Rating used data provided by VWL as well as internal data bases. VCL 23 is a static pool and securitises only the finance portion of the leases; residual values are not securitized by the Issuer. A combination of subordinated loan, overcollateralization and a cash reserve will provide credit enhancement to the rated Class A Notes (7,60%) and Class B Notes (5,11%).

    VWL will credit to the Cash Collateral Account certain amounts which will be available to mitigate commingling risks, trade tax and VAT tax risks, and cover the Issuer´s exposure to VWL.

    Downgrade collateral and replacement provisions mitigate counterparty risk exposures with respect to the Swap counterparty and Account Bank. Risks related to the Issuer are limited, the compartment structure being ringfenced and with limited recourse to other creditors of the Issuer.

    The CRA Portfolio and Benchmark Analysis showed an overall low portfolio credit risk. However, Creditreform Rating decided to maintain a conservative approach in selecting the appropriate base case.