VCL Master Residual Value S.A., acting through its Compartment 2: Rating Report

DBRS Ratings Limited (DBRS) confirmed the ratings previously assigned to VCL Master Residual Value S.A., acting on behalf of its Compartment 2 (the Issuer) as follows:

-- Series 2015-1, Class A Notes at AAA (sf)
-- Series 2015-2, Class A Notes at AAA (sf)
-- Series 2015-3, Class A Notes at AAA (sf)
-- Series 2015-4, Class A Notes at AAA (sf)
-- Series 2015-5, Class A Notes at AAA (sf)
-- Series 2015-6, Class A Notes at AAA (sf)
-- Series 2016-1, Class A Notes at AAA (sf)
-- Series 2016-2, Class A Notes at AAA (sf)
-- Series 2016-4, Class A Notes at AAA (sf)
-- Series 2015-1, Class B Notes at A (high) (sf)
-- Series 2015-2, Class B Notes at A (high) (sf)
-- Series 2015-3, Class B Notes at A (high) (sf)
-- Series 2016-1, Class B Notes at A (high) (sf)
-- Series 2016-3, Class B Notes at A (high) (sf)