Credit Rating Report

VCL Master Residual Value S.A., acting through its Compartment 2: Rating Report

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Summary

DBRS Ratings Limited (DBRS) confirmed the ratings previously assigned to VCL Master Residual Value S.A., acting on behalf of its Compartment 2 (the Issuer) as follows:

-- Series 2015-1, Class A Notes at AAA (sf)
-- Series 2015-2, Class A Notes at AAA (sf)
-- Series 2015-3, Class A Notes at AAA (sf)
-- Series 2015-4, Class A Notes at AAA (sf)
-- Series 2015-5, Class A Notes at AAA (sf)
-- Series 2015-6, Class A Notes at AAA (sf)
-- Series 2016-1, Class A Notes at AAA (sf)
-- Series 2016-2, Class A Notes at AAA (sf)
-- Series 2016-4, Class A Notes at AAA (sf)
-- Series 2015-1, Class B Notes at A (high) (sf)
-- Series 2015-2, Class B Notes at A (high) (sf)
-- Series 2015-3, Class B Notes at A (high) (sf)
-- Series 2016-1, Class B Notes at A (high) (sf)
-- Series 2016-3, Class B Notes at A (high) (sf)

Ratings

  • Date IssuedDebt RatedRatingTrendActionAttributesi
    25-Sep-17Series 2015-1, Class A NotesAAA (sf)--Confirmed
    UK
    U
    25-Sep-17Series 2015-2, Class A NotesAAA (sf)--Confirmed
    UK
    U
    25-Sep-17Series 2015-3, Class A NotesAAA (sf)--Confirmed
    UK
    U
    25-Sep-17Series 2015-4, Class A NotesAAA (sf)--Confirmed
    UK
    U
    25-Sep-17Series 2015-5, Class A NotesAAA (sf)--Confirmed
    UK
    U
    25-Sep-17Series 2015-6, Class A NotesAAA (sf)--Confirmed
    UK
    U
    25-Sep-17Series 2016-1, Class A NotesAAA (sf)--Confirmed
    UK
    U
    25-Sep-17Series 2016-2, Class A NotesAAA (sf)--Confirmed
    UK
    U
    25-Sep-17Series 2016-4, Class A Notes AAA (sf)--Confirmed
    UK
    U
    25-Sep-17Series 2017-1, Class A NotesAAA (sf)--New Rating
    UK
    U
    25-Sep-17Series 2015-1, Class B NotesA (high) (sf)--Confirmed
    UK
    U
    25-Sep-17Series 2015-2, Class B NotesA (high) (sf)--Confirmed
    UK
    U
    25-Sep-17Series 2015-3, Class B NotesA (high) (sf)--Confirmed
    UK
    U
    25-Sep-17Series 2016-1, Class B NotesA (high) (sf)--Confirmed
    UK
    U
    25-Sep-17Series 2016-3, Class B Notes A (high) (sf)--Confirmed
    UK
    U
    25-Sep-17Series 2017-1, Class B Notes A (high) (sf)--New Rating
    UK
    U
    25-Sep-17Series 2016-2, Class B Notes Discontinued--Disc.-Repaid
    UK
    25-Sep-17Series 2016-3, Class A NotesDiscontinued--Disc.-Repaid
    UK
    More
    Less
VCL Master Residual Value S.A., acting with respect to its Compartment 2
  • Date Issued:Sep 25, 2017
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:UKU
  • Date Issued:Sep 25, 2017
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:UKU
  • Date Issued:Sep 25, 2017
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:UKU
  • Date Issued:Sep 25, 2017
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:UKU
  • Date Issued:Sep 25, 2017
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:UKU
  • Date Issued:Sep 25, 2017
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:UKU
  • Date Issued:Sep 25, 2017
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:UKU
  • Date Issued:Sep 25, 2017
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:UKU
  • Date Issued:Sep 25, 2017
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:UKU
  • Date Issued:Sep 25, 2017
  • Rating Action:New Rating
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:UKU
  • Date Issued:Sep 25, 2017
  • Rating Action:Confirmed
  • Ratings:A (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:UKU
  • Date Issued:Sep 25, 2017
  • Rating Action:Confirmed
  • Ratings:A (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:UKU
  • Date Issued:Sep 25, 2017
  • Rating Action:Confirmed
  • Ratings:A (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:UKU
  • Date Issued:Sep 25, 2017
  • Rating Action:Confirmed
  • Ratings:A (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:UKU
  • Date Issued:Sep 25, 2017
  • Rating Action:Confirmed
  • Ratings:A (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:UKU
  • Date Issued:Sep 25, 2017
  • Rating Action:New Rating
  • Ratings:A (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:UKU
  • Date Issued:Sep 25, 2017
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:UK
  • Date Issued:Sep 25, 2017
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:UK
  • US = Lead Analyst based in USA
  • CA = Lead Analyst based in Canada
  • EU = Lead Analyst based in EU
  • UK = Lead Analyst based in UK
  • E = EU endorsed
  • U = UK endorsed
  • Unsolicited Participating With Access
  • Unsolicited Participating Without Access
  • Unsolicited Non-participating

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Issuers

Contacts

  • _Mark _Wilder
    Senior Vice President, European Operational Risk
    +44 20 7855 6638
  • Matthew Nyong
    Senior Financial Analyst, ABS - Global Structured Finance
    +44 20 7855 6629
  • Paolo Conti
    Associate Managing Director - European Consumer & Corporate Securitisation Ratings
    +(34) 917 933 397

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