VCL Master Netherlands B.V: Rating Report

VCL Master Netherlands B.V. is a private company with limited liability incorporated under the laws of the Netherlands as a special-purpose entity, specifically for the purpose of the securitisation programme, which was established on 26 May 2016. The programme represents issuance of up to EUR 1,500 million of Class A Notes and Class B Notes under which the Issuer may from time to time issue asset-backed floating-rate notes denominated in euro during the revolving period.