Morningstar DBRS Reviews Partial Repayment Under VCL Master S.A., acting with respect to its Compartment 1

DBRS Ratings GmbH (Morningstar DBRS) acknowledged the partial redemption under the following notes issued by VCL Master S.A., acting with respect to its Compartment 1 (the Issuer or VCL):

-- Series 2010-2, Class A Notes net repayment of EUR 54,900,000
-- Series 2011-2, Class A Notes net repayment of EUR 27,400,000
-- Series 2012-2, Class A Notes net repayment of EUR 45,600,000
-- Series 2012-3, Class A Notes net repayment of EUR 36,500,000
-- Series 2013-1, Class A Notes net repayment of EUR 18,200,000
-- Series 2015-1, Class A Notes net repayment of EUR 91,400,000
-- Series 2017-1, Class A Notes net repayment of EUR 18,200,000
-- Series 2017-3, Class A Notes net repayment of EUR 109,600,000
-- Series 2018-1, Class A Notes net repayment of EUR 14,600,000
-- Series 2020-1, Class A Notes net repayment of EUR 36,600,000
-- Series 2024-1, Class A Notes net repayment of EUR 45,600,000
-- Series 2025-1, Class A Notes net repayment of EUR 18,300,000
-- Series 2025-2, Class A Notes net repayment of EUR 18,300,000
-- Series 2014-1, Class B Notes net repayment of EUR 7,100,000
-- Series 2014-3, Class B Notes net repayment of EUR 8,800,000
-- Series 2018-1, Class B Notes net repayment of EUR 1,900,000
-- Series 2025-1, Class B Notes net repayment of EUR 2,400,000

The notes were redeemed net of a tap issuance of all outstanding notes. Morningstar DBRS deems that the partial redemption has no impact on the current AAA (sf) credit ratings on the outstanding Class A Notes or the current AA (high) (sf) credit ratings on the outstanding Class B Notes (together, the notes).

The partial redemption took place on the 25 June 2025 payment date. At the same time, the Issuer repaid EUR 17.1 million net under the subordinated loan and sold receivables with a discounted balance of EUR 1.0 billion. The resulting credit enhancement levels on the notes are in line with those at the time of the most recent transaction renewal in September 2024.

The programme features and the notes' terms and conditions remain substantially unchanged. Currently, the notes issued by VCL are backed by approximately EUR 2.3 billion of receivables related to motor vehicle lease contracts originated by Volkswagen Leasing GmbH (VWL) in Germany.

The Issuer is a master trust programme established in December 2009, backed by a revolving pool of receivables related to motor vehicle lease contracts originated by VWL to retail and commercial customers in Germany and secured by new and used vehicles. All series of notes are currently in their revolving period. The programme allows for tap-up issuance as well as the issuance of additional series of notes, subject to collateralisation levels and performance requirements being met as specified in the transaction documents, up to the programme maximum of EUR 4.0 billion.

Portfolio stratifications were provided in the latest investor report and the portfolio composition remains within programme standards. Morningstar DBRS has not updated its gross default and recovery assumptions since the last annual review in September 2024.

Since no trigger events outlined in the transaction documents have been breached and overcollateralisation for the notes is at the required levels, Morningstar DBRS did not perform any cash flow analysis.

Please refer to https://dbrs.morningstar.com/issuers/22105 for more information on this Issuer.

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS
There were no Environmental/Social/Governance factors that had a significant or relevant effect on the credit analysis.

A description of how Morningstar DBRS considers ESG factors within the Morningstar DBRS analytical framework can be found in the Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Factors in Credit Ratings at https://dbrs.morningstar.com/research/454196 (16 May 2025).

Notes:
All figures are in euros unless otherwise noted.

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Tel. +49 (69) 8088 3500
Geschäftsführung: Detlef Scholz, Marta Zurita Bermejo
Amtsgericht Frankfurt am Main, HRB 110259

For more information on this credit or on this industry, visit dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.