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Presale: Volkswagen Auto Lease Trust 2020-A

The preliminary ratings assigned to Volkswagen Auto Lease Trust 2020-A's (VALT 2020-A's) asset-backed notes series 2020-A, reflect our view of: The availability of approximately 21.1% credit enhancement in the form of 14.00% overcollateralization, which will build to a target of 15.25% of the initial securitization value; a 0.25% nonamortizing reserve account; and excess spread (all percentages are measured in terms of the pool's initial aggregate securitization value). The underlying collateral's credit quality, which consists of primarily prime auto lease receivables that have a weighted average FICO score of 774 (775 if upsized). Our expectation that under a moderate ('BBB') stress scenario, all else being equal, our preliminary ratings on the class A notes would remain within one rating category. These

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