Volkswagen Auto Lease Trust 2026-C's issuance is an ABS transaction backed by prime automobile lease receivables. We assigned our preliminary ratings to the class A-1, A-2-A/A-2-B, A-3, and A-4 notes. The preliminary ratings reflect our view of the transaction's credit enhancement, collateral pool, and payment and legal structures, among other factors. NEW YORK (S&P Global Ratings) Nov. 4, 2026--S&P Global Ratings today assigned its preliminary ratings to Volkswagen Auto Lease Trust 2026-C's asset-backed notes (see list). The note issuance is an ABS transaction backed by prime automobile lease receivables. The preliminary ratings are based on information as of Nov. 4, 2026. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. The preliminary
