Grenkeleasing AG http://www.alacrastore.com/company-snapshot/Grenkeleasing_AG-2111316 Wednesday, October 08, 2008 4:14:36 AM 2111316 Grenkeleasing AG en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/610318spcred/610318normThe latest Full Report from S&P10/30/2007 10:32:07 AMFull Report400globalstructured610318GermanySpecialized FinanceEurope, Middle East, AfricaGlobal IssuersStructured FinanceFinancial InstitutionsAsset-Backed SecuritiesFull ReportGood profitability, with sound margins and high efficiency Ongoing sound asset quality benefiting from high granularity and collateralization Sound capitalization to buffer inherent risks Business and revenue concentration on cyclical swings in its leasing business, life cycles of underlying collateral, and market dynamics Purely wholesale funded Track record through newly tapped European market cycles needs to be demonstrated The counterparty credit ratings on Germany-based GRENKELEASING AG (Grenke) are based on the company's strong domestic niche market position in small-ticket IT leasing, and strong risk-management systems to safeguard good profitability, sound asset quality, and capitalization through pan-European economic cycles. The ratings are on a pure stand-alone basis and do not include ownership support. Although the company is prudently managed, the ratingsDEU40201040 402010 4020 40GRENKELEASING AG370513EUROMIDAFRGLJ@GRFULLGLOBISSSTRUCFIABSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/610321spcred/610321normThe latest Summary from S&P10/30/2007 10:32:07 AMSummary175globalstructured610321GermanySpecialized FinanceEurope, Middle East, AfricaGlobal IssuersStructured FinanceFinancial InstitutionsAsset-Backed SecuritiesSummaryThe counterparty credit ratings on Germany-based GRENKELEASING AG (Grenke) are based on the company's strong domestic niche market position in small-ticket IT leasing, and strong risk-management systems to safeguard good profitability, sound asset quality, and capitalization through pan-European economic cycles. The ratings are on a pure stand-alone basis and do not include ownership support. Although the company is prudently managed, the ratings are constrained by Grenke's business and revenue concentration on cyclical swings in its leasing business, the life cycles of underlying products (collateral), and market dynamics, particularly in Germany. Furthermore, Grenke must cope with the access, costs, and diversification constraints of being purely wholesale funded. Funding is based on efficient, committed, one-year rollover ABCP programs (€575 million, of whichDEU40201040 402010 4020 40GRENKELEASING AG370513EUROMIDAFRGLJ@GRSUMMARYGLOBISSSTRUCFIABSCredit & Investment ResearchS&P Credit Research