Fitch Rates Volkswagen Auto Lease Trust 2011-A

CHICAGO--(BUSINESS WIRE)--Fitch Ratings assigns the following ratings to Volkswagen Auto Lease Trust 2011-A:

--$213,000,000 class A-1 asset-backed notes 'F1+sf';

--$360,000,000 class A-2 asset-backed notes 'AAAsf'; Outlook Stable;

--$335,000,000 class A-3 asset-backed notes 'AAAsf'; Outlook Stable;

--$92,000,000 class A-4 asset-backed notes 'AAAsf'; Outlook Stable.

The presale report is available to all investors on Fitch's website at 'www.fitchratings.com'. For more information about Fitch's comprehensive subscription service FitchResearch, which includes all presale reports, surveillance, and credit reports on more than 20 asset classes, contact product sales at [phone] or at '[e-mail]'.

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:

--'Global Structured Finance Rating Criteria', Aug. 4, 2011;

--'Criteria for Rating U.S. Auto Lease ABS', May 24, 2011.

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646569

Criteria for Rating U.S. Auto Lease ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=629749

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