DBRS Assigns Provisional Ratings to VCL 14

DBRS Inc., (DBRS) has today assigned AAA (sf) ratings to the Class A Notes and A (high) (sf) ratings to the Class B Notes issued by VCL Multi-Compartment S.A. acting for and on behalf of its Compartment VCL 14. The receivables securitized consist of leases related to motor vehicles.

The ratings are based upon review by DBRS of the following analytical considerations:

•Transaction capital structure and form and sufficiency of available credit enhancement.

•Relevant credit enhancement in the form of a reserve fund, subordination, and overcollateralisation. Credit enhancement levels are sufficient to support DBRS projected expected cumulative net loss (CNL) assumption under various stress scenarios at a AAA (sf) standard for the Class A Notes and an A (high) (sf) standard for the Class B Notes.

•The ability of the transaction to withstand stressed cash flow assumptions and repay investors according to the terms in which they have invested.

•The transaction parties’ capabilities with respect to originations, underwriting, servicing, and financial strength.

•The credit quality of the collateral and ability of the Servicer to perform collection activities on the collateral.

Note:
All figures are in Euros unless otherwise noted.

The principal methodologies applicable are Rating European Consumer and Commercial Asset-Backed Securitisations and the DBRS Legal Criteria for European Structured Finance Transactions, which can be found on our website under Methodologies.

The sources of information used for this rating include performance data relating to the receivables provided by Volkswagen Leasing GmbH. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

This rating concerns a newly issued financial instrument.

This is the first DBRS rating on this financial instrument.

For additional information on this rating, please see the linking document.

Lead Analyst: Mike Babick
Rating Committee Chair: Claire Mezzanotte
Initial Rating Date: 19th September 2011