...January 8, 2020 PARIS (S&P Global Ratings) Jan. 8, 2020--S&P Global Ratings said today that the proposed 500 million tap issuance announced by Lincoln Financing SARL--funding vehicle for intermediate holding company Lincoln Financing Holdings PTE Ltd. (LFHP; ##+/Stable/--)--will slightly improve the group's debt structure. However, the transaction will not affect our ratings on LFHP, nor on the group's main operating company, Dutch bank and auto fleet manager LeasePlan Corporation N.V. (###-/Stable/A-3). We assigned our '##+' issue rating to the existing 1.35 billion senior secured notes based on our assessment of the guarantee provided by LFHP (see "Lincoln Financing's Proposed Senior Secured Notes Rated '##+'", published March 25, 2019). This tap issuance does not affect our issue ratings on the senior secured notes. We understand management intends to use a large part of the proceeds of the tap issuance to purchase and subsequently cancel some other more costly debt obligations issued...
