Fitch Affirms Volkswagen Auto Loan Enhanced Trust 2011-1
NEW YORK -- February 12, 2013
Fitch Ratings affirms two classes of the Volkswagen Auto Loan Enhanced Trust
2011-1 transaction as part of its ongoing surveillance, as listed below:
Volkswagen Auto Loan Enhanced Trust 2011-1:
--Class A-3 at 'AAAsf'; Outlook Stable;
--Class A-4 at 'AAAsf'; Outlook Stable.
The rating affirmations are based on available credit enhancement and loss
performance to date. The collateral pool continues to perform within Fitch's
expectations. In addition, under the credit enhancement structure, the
securities are able to withstand stress scenarios consistent with the original
ratings and make full payments to investors in accordance with the terms of
The ratings reflect the quality of Volkswagen Credit, Inc. retail auto loan
originations, the strength of its servicing capabilities, and the sound
financial and legal structure of the transaction.
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.
Applicable Criteria and related research:
--'U.S. Auto Loan ABS Rating Criteria' (April 16, 2012);
--'Global Structured Finance Rating Criteria'(June 6, 2012).
Applicable Criteria and Related Research:
Rating Criteria for U.S. Auto Loan ABS
Global Structured Finance Rating Criteria
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PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING
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METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF
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John Alberici, +1-212-908-0370
Fitch Ratings, Inc.
One State Street Plaza
New York, New York 10004
Du Trieu, +1-312-368-2091
Sandro Scenga, New York, +1 212-908-0278
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