Volkswagen is marketing a $1 billion securitization of auto leases, according to a presale report published by Fitch Ratings.

Fitch has assigned a preliminary ratings to four classes of notes to be issued by Volkswagen Auto Lease Trust 2015-A: an ‘F1’ rating to a $166 million money market tranche and ‘AAA’ to a $464 million tranche with a final maturity of June 2017, a $295 million tranche with a final maturity of December 2017 and a $75 million tranche of notes with a final maturity of July 2019. All four classes benefit from credit enhancement of 15.75%.

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