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

Standard & Poors, April 2011

Abstract
OVERVIEW We have assigned ratings to VCL Multi-Compartment's VCL 13 transaction. This is VW Leasing's 19th auto-lease transaction and the third lease transaction using the Luxembourg SPE, VCL Multi-Compartment. FRANKFURT (Standard & Poor's) April 26, 2011--Standard & Poor's Ratings Services has assigned credit ratings to the -953 million asset-backed floating-rate notes that VCL Multi-Compartment S.A. issued, acting for and on behalf of its Compartment VCL 13 (VCL 13) (see list below). German auto-lease receivables comprise the collateral, originated and sold by Volkswagen Leasing GmbH (VW Leasing). This is VW Leasing's 19th auto-lease transaction and the third lease transaction using the Luxembourg special-purpose entity, VCL Multi-Compartment. A share of the securitized receivables has previously been refinanced through the existing warehousing facility,...

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

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Research type: News
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VCL Multi-Compartment S.A., Compartment VCL 13

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