Research Update: Dutch Bank LeasePlan Corporation N.V. 'A-' Long-Term Rating On Watch Negative After Similar Action On Volkswagen May 09

Standard & Poors, May 2009

Abstract
On May 8, 2009, Standard & Poor's Ratings Services placed its 'A-' long-term counterparty credit rating on Dutch bank LeasePlan Corporation N.V. on CreditWatch with negative implications. The 'A-2' short-term rating was affirmed. The CreditWatch placement follows a similar rating action on German automotive group Volkswagen AG (VW; A-/Watch Neg/A-2), which owns 50% of LeasePlan via its wholly owned captive finance arm Volkswagen Bank GmbH (VW Bank; A/Watch Neg/A-1) (see article "German Carmaker Volkswagen And Swedish Truck Subsidiary Scania 'A-' Ratings Put On Watch Negative Re Porsche Merger," published today on RatingsDirect). VW is currently negotiating with two Gulf-based investors, Mubadala Development Co. PJSC (AA/Stable/A-1+) and the Olayan Group (not rated), for the remaining 50% stake in LeasePlan, after Mubadala...

Companies mentioned in this report are:
- LeasePlan Corporation N.V.
- Volkswagen AG
- Volkswagen International Finance N.V.
- VW Credit Inc.
- Volkswagen Financial Services AG
- Volkswagen Financial Services N.V.
- LeasePlan New Zealand Ltd.
- LeasePlan Finance N.V. (Dublin Branch)
- LeasePlan Australia Ltd.
- Volkswagen Leasing, S.A. de C.V
- Volkswagen Group Services S.A.
- Volkswagen Leasing GmbH
- Volkswagen Bank GmbH
- Volkswagen Finans Sverige AB
- Volkswagen Financial Services Japan Ltd.

Action: On CreditWatch:Negative

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

- LeasePlan Corporation N.V.
- Volkswagen AG
- Volkswagen International Finance N.V.
- VW Credit Inc.
- Volkswagen Financial Services AG
- Volkswagen Financial Services N.V.
- LeasePlan New Zealand Ltd.
- LeasePlan Finance N.V. (Dublin Branch)
- LeasePlan Australia Ltd.
- Volkswagen Leasing, S.A. de C.V
- Volkswagen Group Services S.A.
- Volkswagen Leasing GmbH
- Volkswagen Bank GmbH
- Volkswagen Finans Sverige AB
- Volkswagen Financial Services Japan Ltd.

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