TEXT-S&P rates VCL Master Compartment 1's German ABS Ser 2011-1


(The following statement was released by the ratings agency) March 28 - OVERVIEW -- We have assigned a 'AAA (sf)' rating to VCL Master Compartment 1's series 2011-1 notes. -- This is the first additional issuance of a series of notes since the transaction closed in January 2010. -- The transaction securitizes a pool of Auto lease receivables originated by Volkswagen Leasing in Germany. Standard & Poor's Ratings Services today assigned its 'AAA (sf)' credit rating to VCL ...

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