Preliminary Ratings Assigned To VW Leasing's Compartment VCL 13 German Auto-Lease ABS Transaction Mar 11

Standard & Poors, March 2011

Abstract
OVERVIEW We have assigned preliminary ratings to VCL Multi-Compartment's Compartment VCL 13 transaction. This will be VW Leasing's 19th auto-lease transaction and the third lease transaction using the Luxembourg SPE, VCL Multi-Compartment. FRANKFURT (Standard & Poor's) March 21, 2011--Standard & Poor's Ratings Services has assigned its preliminary credit ratings to the -714.75 million asset-backed floating-rate notes that VCL Multi-Compartment S.A. will issue, acting for and on behalf of its Compartment VCL 13 (see list below). German auto-lease receivables comprise the collateral, originated and sold by Volkswagen Leasing GmbH (VW Leasing). This will be VW Leasing's 19th auto-lease transaction and the second lease transaction using the Luxembourg special-purpose entity, VCL Multi-Compartment. A share of the securitized receivables has previously been refinanced...

Companies mentioned in this report are: VCL Multi-Compartment S.A., Compartment VCL 13
Action: Preliminary Rating

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Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

VCL Multi-Compartment S.A., Compartment VCL 13

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