S&P Global Ratings has assigned its credit ratings to VCL Multi-Compartment S.A., Compartment VCL 40's (VCL 40) class A and B notes. At closing, VCL 40 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. VCL 40's notes securitize a portfolio of German auto lease receivables, which Volkswagen Leasing GmbH (VW Leasing) originated to its mostly retail customer base in the ordinary course of business. The lease receivables arise from fixed-term, level payment lease contracts, with payments due monthly. The residual values of the leased vehicles corresponding to the lease receivables were not sold to VCL 40, so no direct residual value risk