DBRS Confirms and Upgrades VCL 13

DBRS, Inc. (DBRS) has reviewed the VCL 13 transaction and confirms and upgrades the ratings as noted below. The receivables securitized consist of auto leases originated in Germany by Volkswagen Leasing, GMBH.

-- Class A rating confirmed at AAA (sf)
-- Class B rating upgraded from ‘A’ (high) (sf) to AA (sf)

The collateral supporting the transaction is performing within DBRS expectations and available credit enhancement for each class is more than sufficient to cover DBRS expected losses adjusted for seasoning. The transaction has met its target overcollateralization and as a result the credit enhancement for Class B has increased to an amount that supports the upgraded rating of AA (sf). In addition, all counterparties meet DBRS criteria.

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 Structured Finance Servicers
• Unified Interest Rate Model Methodology for European Securitisations
• Master European Structured Finance Surveillance Methodology

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.

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.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

Lead Analyst: Lain Gutierrez
Rating Committee Chair: Erin Stafford
Initial Rating Date: 26 April 2011
Most Recent Rating Update: August 13, 2012