DBRS Discontinues Rating of VCL Master Residual Value S.A., acting with respect to its Compartment 1

DBRS Ratings Limited (DBRS) has today discontinued-withdrawn its rating on the Class A and Class B notes issued by VCL Master Residual Value S.A., acting with respect to its Compartment 1 (the Issuer). The rating action reflects a rating withdrawal request made by the Issuer in order to optimize the cost structure of the transaction.

The outstanding ratings of the Class A and Class B Notes before the withdrawal of the ratings were as follows:

-- Series 2014-1, Class A Notes at AAA (sf)
-- Series 2014-10, Class A Notes at AAA (sf)
-- Series 2014-11, Class A Notes at AAA (sf)
-- Series 2014-2, Class A Notes at AAA (sf)
-- Series 2014-3, Class A Notes at AAA (sf)
-- Series 2014-4, Class A Notes at AAA (sf)
-- Series 2014-5, Class A Notes at AAA (sf)
-- Series 2014-6, Class A Notes at AAA (sf)
-- Series 2014-7, Class A Notes at AAA (sf)
-- Series 2014-8, Class A Notes at AAA (sf)
-- Series 2014-9, Class A Notes at AAA (sf)
-- Series 2014-1, Class B Notes at A (high) (sf)
-- Series 2014-2, Class B Notes at A (high) (sf)
-- Series 2014-3, Class B Notes at A (high) (sf)
-- Series 2014-4, Class B Notes at A (high) (sf)
-- Series 2014-5, Class B Notes at A (high) (sf)
-- Series 2014-6, Class B Notes at A (high) (sf)

Notes:
All figures are in euros unless otherwise noted.

The principal methodology applicable is the “Master European Structured Finance Surveillance Methodology,” which can be found on www.dbrs.com at http://www.dbrs.com/about/methodologies. DBRS has applied the principal methodology consistently and conducted a review of the transaction in accordance with the principal methodology.

In DBRS’s opinion, a discontinued-withdrawn rating action does not require the application of the entire principal methodology.

Other methodologies referenced in this transaction are listed at the end of this press release. This may be found on www.dbrs.com at http://www.dbrs.com/about/methodologies.

A review of the transaction’s legal documents was not conducted as the documents have remained unchanged since the most recent rating action.

For a more detailed discussion of the sovereign risk impact on Structured Finance ratings, please refer to DBRS’s “The Effect of Sovereign Risk on Securitisations in the Euro Area” commentary on http://www.dbrs.com/industries/bucket/id/10036/name/commentaries/.

The sources of information used for this rating include information provided by the Issuer.

DBRS does not rely upon third-party due diligence in order to conduct its analysis. DBRS was not supplied with third-party assessments; however, this did not impact the rating analysis.

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 4 November 2014, when the rating of the Class A and Class B Notes were confirmed.

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

As this is a discontinued-withdrawn rating action, sensitivity analysis is not applicable.

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.

A description of how DBRS analyses structured finance transactions and how the methodologies are collectively applied can be found at http://www.dbrs.com/research/278375.