Fitch Affirms Volkswagen Auto Lease Trust 2011-A

  Fitch Affirms Volkswagen Auto Lease Trust 2011-A

Business Wire

CHICAGO -- November 06, 2012

Fitch Ratings has affirmed the Volkswagen Auto Lease Trust 2011-A notes as
detailed below:

--Class A-2 notes at 'AAAsf'; Outlook Stable;

--Class A-3 notes at 'AAAsf'; Outlook Stable;

--Class A-4 notes at 'AAAsf'; Outlook Stable.

The affirmations reflect each class of notes' ability to pass stress case
scenarios consistent with the current rating levels. The Stable Outlooks
reflects Fitch's expectation that the notes will remain sufficiently enhanced
to cover stressed loss levels consistent with the current ratings.

Fitch will continue to monitor this transaction and may take additional rating
action in the event of changes in performance and credit enhancement measures.

Additional information is available at 'www.fitchratings.com'. The ratings
above were solicited by, or on behalf of, the issuer, and therefore, Fitch has
been compensated for the provision of the ratings.

The information used to assess these ratings was sourced from the issuer,
periodic trustee reports, note valuation reports, and the public domain.

Applicable Criteria and Related Research:

--'Criteria for Rating U.S. Auto Lease ABS' dated May 14, 2012;

--'Global Structured Finance Rating Criteria' dated June 6, 2012.

Applicable Criteria and Related Research:

Criteria for Rating U.S. Auto Lease ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=678137

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

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Contact:

Fitch Ratings
Surveillance Analyst
Margaret Rowe
Associate Director
+1-312-368-3167
Fitch, Inc.
70 West Madison St.
Chicago, IL 60602
or
Committee Chairperson
Du Trieu
Senior Director
+1-312-368-2091
or
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sandro.scenga@fitchratings.com