Dutch Bank LeasePlan Affirmed At 'BBB-/A-3' On Solid Capital Base And Resilient Revenues; Outlook Stable

We believe Netherlands-based bank LeasePlan Corp. continues to display solid operating performance in most markets where it operates, while it executes its medium-term growth strategy. The issuance of an additional Tier 1 instrument and a predictable dividend policy contribute to capital strengthening, but this does not change our view on the bank's solvency. LeasePlan still displays high double leverage, considering debt instruments issued by the intermediate holding companies being serviced via earnings generated at the operating company level, which limits the group's financial flexibility. We are affirming our 'BBB-/A-3' ratings on LeasePlan and our 'BB+' rating on intermediate nonoperating holding company Lincoln Financing Holdings PTE Ltd (LFHP), while maintaining our stable outlooks. PARIS (S&P Global Ratings) Dec. 5, 2019--S&P Global

...December 5, 2019 - We believe Netherlands-based bank LeasePlan Corp. continues to display solid operating performance in most markets where it operates, while it executes its medium-term growth strategy. - The issuance of an additional Tier 1 instrument and a predictable dividend policy contribute to capital strengthening, but this does not change our view on the bank's solvency. - LeasePlan still displays high double leverage, considering debt instruments issued by the intermediate holding companies being serviced via earnings generated at the operating company level, which limits the group's financial flexibility. - We are affirming our '###-/A-3' ratings on LeasePlan and our '##+' rating on intermediate nonoperating holding company Lincoln Financing Holdings PTE Ltd (LFHP), while maintaining our stable outlooks. PARIS (S&P Global Ratings) Dec. 5, 2019--S&P Global Ratings today affirmed its '###-/A-3' long- and short-term issuer credit ratings on the Netherlands-based LeasePlan Corporation...

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