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New Issue: VCL Multi-Compartment S.A., Compartment VCL 38

S&P Global Ratings has assigned its credit ratings to VCL Multi-Compartment S.A., Compartment VCL 38's (VCL 38) class A and B notes. At closing, VCL 38 was also granted an unrated subordinated loan. Our ratings address timely payment of interest and ultimate payment of principal on the class A and B notes.

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