Fitch Affirms Volkswagen Auto Loan Enhanced Trust 2011-1

  Fitch Affirms Volkswagen Auto Loan Enhanced Trust 2011-1

Business Wire

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 documents.

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

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=674859

Global Structured Finance Rating Criteria

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

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.
PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING
DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S
PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND
METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF
CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL,
COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM
THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Contact:

Fitch Ratings
Primary Analyst
John Alberici, +1-212-908-0370
Analyst
Fitch Ratings, Inc.
One State Street Plaza
New York, New York 10004
or
Committee Chairperson
Du Trieu, +1-312-368-2091
Senior Director
or
Media Relations:
Sandro Scenga, New York, +1 212-908-0278
Email: sandro.scenga@fitchratings.com
 
Press spacebar to pause and continue. Press esc to stop.