LeasePlan Corporation N.V. Nov 09
Standard & Poors, November 2009
Abstract
Major global franchise in operational car leasing and fleet management. Satisfactory geographically diverse revenue generation capacity, excluding residual value impacts. Sound asset quality and relatively strong capitalization. Strategically important status to, and implicit expected support from, German carmaker Volkswagen AG. Regulated status as a bank. Wholesale funding profile. Business and earnings concentration. Rising credit costs and elevated residual value charges that are set to constrain bottom-line profitability, at least in the next two years. The ratings on Dutch bank LeasePlan Corporation N.V. primarily reflect its leading worldwide franchise in operational car leasing and fleet management, sound asset quality, relatively strong capitalization, and ongoing benefits derived from regulated status as a bank. Ratings are constrained by LeasePlan's limited business diversification; lower...
Companies mentioned in this report are:
- LeasePlan Corporation N.V.
- Volkswagen AG
- Volkswagen Bank GmbH
Action: Review
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.
Research Type: Full Analysis
- LeasePlan Corporation N.V.
- Volkswagen AG
- Volkswagen Bank GmbH
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