LeasePlan Corporation N.V. Nov 10

Standard & Poors, November 2010

Abstract
Major worldwide franchise in operational car leasing and fleet management, with geographically diverse earnings streams. Good earnings and strong capitalization Strategically important status to, and expected support in case of need from Volkswagen Bank GmbH (VW Bank, A-/Stable/A-2). Regulated status as a bank. Wholesale funding profile. Business concentration. High residual value risks, implying inherent earnings volatility. The ratings on Dutch bank LeasePlan Corporation N.V. primarily reflect our view of its leading worldwide franchise in operational car leasing and fleet management, good earnings, relatively strong capitalization, and the ongoing benefits derived from being a regulated bank. The ratings are constrained by our opinion of the bank's wholesale funding profile, its narrow business focus, and some earnings volatility stemming from structurally high...

Companies mentioned in this report are:
- LeasePlan Corporation N.V.
- Volkswagen AG
- Volkswagen Group Services S.A.
- Volkswagen Financial Services AG
- Volkswagen Bank GmbH
- Volkswagen Finans Sverige AB
- Volkswagen Insurance Co. Ltd.
- Volkswagen Leasing, S.A. de C.V

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 Group Services S.A.
- Volkswagen Financial Services AG
- Volkswagen Bank GmbH
- Volkswagen Finans Sverige AB
- Volkswagen Insurance Co. Ltd.
- Volkswagen Leasing, S.A. de C.V

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