DBRS Discontinues Ratings on Series 2014-1 Notes Issued by VCL Master Residual Value S.A., acting through its Compartment 1

DBRS Ratings Limited (DBRS) has today discontinued the ratings on the Series 2014-1, Class A Notes and Series 2014-1, Class B Notes (the Notes) issued by VCL Master Residual Value S.A., acting through its Compartment 1.

The discontinuations reflect the payment in full of the Series 2014-1, Class A Notes as of the payment date on 25 May 2017 and Series 2014-1, Class B Notes as of the payment date on 25 January 2017.

The outstanding balances of the Notes before payment in full were:

-- EUR 534,954.35 Series 2014-1, Class A Notes rated AAA (sf)
-- EUR 5,626,273.59 Series 2014-1, Class B Notes rated A (high) (sf)

In the same transaction DBRS continues to rate multiple Series of Class A Notes at AAA (sf) and multiple Series of Class B Notes at A (high) (sf).

Notes:
All figures are in euros unless otherwise noted.

The principal methodology applicable to the rating is the “Master European Structured Finance Surveillance Methodology”.

In DBRS’s opinion, a discontinued-repaid rating action does not warrant the application of the entire principal methodology, as the bond has been repaid in full.

Other methodologies referenced in this transaction are listed at the end of this press release.

These may be found on www.dbrs.com at: http://www.dbrs.com/about/methodologies.

For a more detailed discussion of the sovereign risk impact on Structured Finance ratings, please refer to DBRS commentary “The Effect of Sovereign Risk on Securitisations in the Euro Area” on: http://www.dbrs.com/industries/bucket/id/10036/name/commentaries/.

The sources of data and information used for this rating include monthly investor reports provided by Volkswagen Leasing GmbH.

DBRS did not rely upon third-party due diligence in order to conduct its analysis.

At the time of the rating in September 2016, DBRS was supplied with third-party assessments. However, this did not impact the rating analysis.

DBRS considers the data and information available to it for the purposes of providing this rating to be of satisfactory quality.

DBRS does not audit or independently verify the data or information it receives in connection with the rating process.

The last rating action on this transaction took place on 26 September 2016, when DBRS assigned new ratings to multiple Series of Class A Notes and multiple Series of Class B Notes issued by VCL Master Residual Value S.A., acting through its Compartment 1.

The lead analyst responsibilities for this transaction have been transferred to Joana Seara da Costa, Senior Financial Analyst.

Information regarding DBRS ratings, including definitions, policies and methodologies, is available on www.dbrs.com.

As this is a discontinued-repaid rating action, a sensitivity analysis is not applicable.

For further information on DBRS historical default rates published by the European Securities and Markets Authority (ESMA) in a central repository, see: http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Ratings assigned by DBRS Ratings Limited are subject to EU and US regulations only.

Lead Analyst: Joana Seara da Costa, Senior Financial Analyst
Initial Rating Date: 26 September 2016

DBRS Ratings Limited
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Registered in England and Wales: No. 7139960

The rating methodologies used in the analysis of this transaction can be found at: http://www.dbrs.com/about/methodologies.

-- Master European Structured Finance Surveillance Methodology
-- Rating European Consumer and Commercial Asset-Backed Securitisations
-- Legal Criteria for European Structured Finance Transactions
-- Operational Risk Assessment for European Structured Finance Servicers
-- Operational Risk Assessment for European Structured Finance Originators
-- Unified Interest Rate Model for European Securitisations
-- Derivative Criteria for European Structured Finance Transactions

A description of how DBRS analyses structured finance transactions and how the methodologies are collectively applied can be found at: http://www.dbrs.com/research/278375.