DBRS Assigns Final Ratings to VCL 15

DBRS, Inc. (DBRS) has today assigned a AAA (sf) rating to the Class A Notes and an A (high) (sf) rating to the Class B Notes issued by VCL Multi-Compartment S.A. acting for and on behalf of its Compartment VCL 15. 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 a 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
•Legal Criteria for European Structured Finance Transactions
•Swap Criteria For European Structured Finance Transactions
•Operational Risk Assessment for European ABS and SME CLO Servicers
•Unified Interest Rate Model Methodology for European Securitisations

These can be found on dbrs.com under Methodologies. For a more detailed discussion of sovereign risk impact on Structured Finance ratings, please refer to DBRS commentary “The Effect of Sovereign Risk on Securitisations in the Euro Area”.

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 is the first DBRS rating on this financial instrument.

This is a newly created financial instrument.

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

This credit rating has been issued outside the European Union (EU) and may be used for regulatory purposes by financial institutions in the EU.

The Rule 17g-7 Report of Representations and Warranties is hereby incorporated by reference and can be found by clicking on the link or by contacting us at info@dbrs.com.

Lead Analyst: Mike Babick
Rating Committee Chair: Claire Mezzanotte
Initial Rating Date: March 26, 2012