Ratings Assigned In VW Leasing's Compartment VCL 15 German Auto-Lease ABS Transaction Mar 12

Standard & Poors, March 2012

Abstract
OVERVIEW We have assigned our credit ratings on VCL 15's class A and B notes. VCL 15 is VW Leasing's 20th German auto-lease transaction (counting VCL Master, Compartment 1 and 2 as one transaction), and the fifth using the Luxembourg-based VCL Multi-Compartment SPE. VCL 15's notes are backed by a static portfolio of auto-lease receivables, which VW Leasing originated to German, mostly small commercial customers. FRANKFURT (Standard & Poor's) March 26, 2012--Standard & Poor's Ratings Services has assigned credit ratings to the -958 million asset-backed floating-rate notes that VCL Multi-Compartment S.A. issued, acting for and on behalf of its Compartment VCL 15 (VCL 15) (see list below). This is Volkswagen Leasing GmbH's (VW Leasing) 20th German auto-lease transaction (counting VCL...

Companies mentioned in this report are: VCL Multi-Compartment S.A., Compartment VCL 15
Action: New Rating

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Research type: News
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VCL Multi-Compartment S.A., Compartment VCL 15

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