DBRS Discontinues the Ratings on VCL 15

DBRS Ratings Limited (DBRS) has today discontinued the ratings on the Class A notes and Class B notes (together, the Notes) issued by VCL 15 due to repayment of the Notes on 21 November 2014. The Class A notes and Class B notes were previously rated AAA (sf) and AA (sf), respectively.

Notes:
All figures are in euros unless otherwise noted.

The principal methodology applicable is the “Master European Structured Finance Surveillance Methodology.”

This can be found on www.dbrs.com at:
http://www.dbrs.com/about/methodologies

The sources of information used for this rating include payment reports provided by Volkswagen Leasing GmbH.

DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

DBRS does not audit the information it receives in connection with the rating process, and it does not and cannot independently verify that information in every instance.

The last rating action on this transaction took place on 16 December 2013, when DBRS confirmed the Class A notes at AAA (sf) and upgraded the Class B notes to AA (sf) from A (high) (sf).

Information regarding DBRS ratings, including definitions, policies and methodologies are available on www.dbrs.com.

For further information on DBRS historic default rates published by the European Securities and Markets Administration in a central repository, see:
http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Ratings assigned by DBRS Ratings Limited are subject to EU regulations only.

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

Lead Surveillance Analyst: Vito Natale
Rating Committee Chair: Chuck Weilamann

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