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Rating Action:

Moody's upgrades mezzanine notes of two auto ABS deals

22 Nov 2017

Moody's also affirms ratings of senior and mezzanine notes

Frankfurt am Main, November 22, 2017 -- Moody's Investors Service ("Moody's") has today upgraded the ratings on the Class B notes of two auto lease and loan ABS transactions by different Volkswagen entities to Aaa(sf) from Aa1(sf). These transactions are VCL MULTI-COMPARTMENT S.A., Compartment VCL 22 and Driver France FCT Compartment Driver France Two.

Today's upgrades reflect (1) the deleveraging of the transactions and the build-up of credit enhancement since the respective closing dates of each transaction, as well as (2) better-than-expected collateral performance.

At the same time, Moody's has affirmed the Aaa(sf) ratings on the Class A notes of these two transactions, as well as on Driver thirteen UG (haftungsbeschraenkt) and Private Driver 2014-4 UG (haftungsbeschrankt).

For Driver thirteen UG (haftungsbeschraenkt) and Private Driver 2014-4 UG (haftungsbeschrankt), Moody's has also affirmed the Aa1(sf) ratings on the Class B notes in both deals, as there is not enough credit enhancement to achieve Aaa(sf) ratings.

All four transactions are static cash securitisations of auto loans and leases issued between November 2014 and November 2015, and extended to obligors in Germany by Volkswagen Leasing GmbH for VCL MULTI-COMPARTMENT S.A., Compartment VCL 22, and by Volkswagen Bank GmbH for Driver thirteen UG (haftungsbeschraenkt) and Private Driver 2014-4 UG (haftungsbeschrankt). Driver France FCT Compartment Driver France Two is a static cash securitisation of auto loans extended in France by Volkswagen Bank GmbH, French branch

Please refer to the end of the Ratings Rationale section for a list of affected ratings.

RATINGS RATIONALE

Today's upgrades primarily reflect deleveraging since closing and the better-than-expected collateral performance. Today's affirmations reflect Moody's view that the available credit enhancement is sufficient to maintain the current rating on the affected notes.

-- INCREASED CREDIT ENHANCEMENT LEVELS

In all four transactions, credit enhancement available to Class B notes has increased substantially since closing: from 5.6% to 10.2% in Driver thirteen UG (haftungsbeschraenkt), from 6.0% to 11.0% in Private Driver 2014-4 UG (haftungsbeschrankt), from 5.5% to 11.5% in VCL MULTI-COMPARTMENT S.A., Compartment VCL 22, and from 5.0% to 15.4% in Driver France FCT Compartment Driver France Two. In all cases, the credit enhancement available to Class B notes is higher than the Portfolio Credit Enhancement, but with Driver thirteen UG (haftungsbeschraenkt) and Private Driver 2014-4 UG (haftungsbeschrankt) showing the lower buffer (2.7% and 3.5% respectively). The available credit enhancement under Class B in both deals is sufficient to maintain the current Aa1(sf) rating but not enough to absorb potential negative carry that could arise in high losses scenarios in line with Aaa(sf) rating.

At the same time, credit enhancement available to Class A notes has also increased substantially. Credit enhancement takes the form of subordination, over-collateralisation as well as reserve funds, which are all funded at their target levels.

-- REASSESSMENT OF LIFETIME LOSS EXPECTATION

Collateral performance has been better than expected in all four transactions, with low levels of 60+ delinquencies in between 0.7% and 1.3% of the current balance as of October 2017, and cumulative losses and defaults below 0.2% of the original balance as of October 2017. As a result, Moody's has lowered its lifetime loss expectation for two transactions, VCL MULTI-COMPARTMENT S.A., Compartment VCL 22 and Driver France FCT Compartment Driver France Two. The lifetime loss expectation is a combination of loss assumption on the current balance and actual losses to date.

In addition, Moody's has taken into account the risk posed by the increased portions of balloon installments in Driver thirteen UG (haftungsbeschraenkt) and Private Driver 2014-4 UG (haftungsbeschrankt), which now stands at 92.3% and 92.5%, respectively. This specific balloon loan exposure at the end of those transactions was addressed by using a specific default probability of 5% on the balloon portion of the portfolio. This typically results in a higher expected loss (EL) for the remaining portfolios than at closing.

For Driver thirteen UG (haftungsbeschraenkt), Moody's increased the EL assumption from 1.5% to 2.22% of the current portfolio given the balloon loan-related risk, translating into an unchanged EL assumption of 0.9% as of the original balance. Moody's portfolio credit enhancement was left unchanged at 7.5%, lowering the coefficient of variation to 32.2% from 44.0%.

For Private Driver 2014-4 UG (haftungsbeschrankt), Moody's increased the EL assumption from 1.5% to 2.47% of the current portfolio given the balloon loan-related risk, translating into an unchanged EL assumption of 0.9% as of the original balance. Moody's portfolio credit enhancement was left unchanged at 7.5%, lowering the coefficient of variation to 29.0% from 44.0%.

For Driver France FCT Compartment Driver France Two, Moody's default probability assumption for the current portfolio remains unchanged at 2.5% of the current balance, translating into a lower default probability assumption of 0.75% as of the original balance. Moody's portfolio credit enhancement was left unchanged at 7.0%, lowering the coefficient of variation to 46.7% from 47.0%.

For VCL MULTI-COMPARTMENT S.A., Compartment VCL 22, Moody's EL assumption for the current portfolio remains unchanged at 0.8% of the current balance, translating into a lower EL assumption of 0.37% as of the original balance. Moody's portfolio credit enhancement was left unchanged at 6.5%, lowering the coefficient of variation to 44.2% from 45.3%.

-- EXPOSURE TO COUNTERPARTY RISK

Today's rating actions took into consideration the notes' exposure to relevant counterparties, such as servicer, account banks or swap providers.

Volkswagen Aktiengesellschaft (main manufacturer) is rated A3/P-2, while Moody's downgraded the long-term senior unsecured debt and issuer ratings of Volkswagen Bank GmbH (VW Bank) by three notches to A3 from Aa3 on 1 September 2017. The long-term Counterparty Risk Assessment of Volkswagen Bank GmbH is Aa3(cr). At the same time, Moody's downgraded the bank's long-term deposit ratings to A1 from Aa3 and the long-term senior unsecured ratings of Volkswagen Financial Services AG (VW FS AG) and of its guaranteed subsidiaries to A3 from A2, including Volkswagen Leasing GmbH, as well as VW FS AG's issuer rating to A3 from A2. These rating actions followed Volkswagen Aktiengesellschaft's reorganization of its financial services operations

(http://www.moodys.com/viewresearchdoc.aspx?docid=PR_371493).

The ratings on all notes reflect counterparty exposure in the transactions.

METHODOLOGY

The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS", published in October 2016. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors or circumstances that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expected, (2) deleveraging of the capital structure and (3) improvements in the credit quality of the transaction counterparties and (4) a decrease in sovereign risk.

Factors or circumstances that could lead to a downgrade of the ratings include (1) an increase in sovereign risk (2) performance of the underlying collateral that is worse than Moody's expected, (3) deterioration in the notes' available credit enhancement and (4) deterioration in the credit quality of the transaction counterparties.

LIST OF AFFECTED RATINGS:

Issuer: Driver France FCT Compartment Driver France Two

....EUR465M Class A Notes, Affirmed Aaa (sf); previously on Jun 30, 2015 Definitive Rating Assigned Aaa (sf)

....EUR16.2M Class B Notes, Upgraded to Aaa (sf); previously on Feb 2, 2017 Upgraded to Aa1 (sf)

Issuer: Driver thirteen UG (haftungsbeschraenkt)

....EUR691.5M Class A Notes, Affirmed Aaa (sf); previously on Feb 25, 2015 Definitive Rating Assigned Aaa (sf)

....EUR25.5M Class B Notes, Affirmed Aa1 (sf); previously on Feb 2, 2017 Upgraded to Aa1 (sf)

Issuer: Private Driver 2014-4 UG (haftungsbeschrankt)

....EUR775M Class A Notes, Affirmed Aaa (sf); previously on Nov 28, 2014 Definitive Rating Assigned Aaa (sf)

....EUR25.6M Class B Notes, Affirmed Aa1 (sf); previously on Feb 2, 2017 Upgraded to Aa1 (sf)

Issuer: VCL MULTI-COMPARTMENT S.A., Compartment VCL 22

....EUR800M Class A Notes, Affirmed Aaa (sf); previously on Nov 25, 2015 Definitive Rating Assigned Aaa (sf)

....EUR20.5M Class B Notes, Upgraded to Aaa (sf); previously on Feb 2, 2017 Upgraded to Aa1 (sf)

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions of the disclosure form.

The analysis relies on an assessment of collateral characteristics to determine the collateral loss distribution, that is, the function that correlates to an assumption about the likelihood of occurrence to each level of possible losses in the collateral. As a second step, Moody's evaluates each possible collateral loss scenario using a model that replicates the relevant structural features to derive payments and therefore the ultimate potential losses for each rated instrument. The loss a rated instrument incurs in each collateral loss scenario, weighted by assumptions about the likelihood of events in that scenario occurring, results in the expected loss of the rated instrument.

Moody's quantitative analysis entails an evaluation of scenarios that stress factors contributing to sensitivity of ratings and take into account the likelihood of severe collateral losses or impaired cash flows. Moody's weights the impact on the rated instruments based on its assumptions of the likelihood of the events in such scenarios occurring.

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Yuezhen Wang
Analyst
Structured Finance Group
Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
Germany
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Michelangelo Margaria
Senior Vice President/Manager
Structured Finance Group
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Releasing Office:
Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
Germany
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

No Related Data.
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