Dutch Bank LeasePlan 'BBB+/A-2' Ratings Affirmed On Improved Business Stability, Off CreditWatch; Outlook Stable

OVERVIEW We believe that the stability and resilience of LeasePlan's business model has improved over the past five years. We now assess LeasePlan's stand-alone credit profile (SACP) at 'bbb' and continue to believe that it is a "moderately strategic" subsidiary of Volkswagen AG (VW). We have consequently affirmed our long- and short-term ratings on LeasePlan at 'BBB+/A-2' and removed them from CreditWatch negative. The stable outlook reflects our expectations that the bank will remain an important investment for VW and that it can maintain its strong capitalization and prevent any deterioration in asset quality. PARIS (Standard&Poor's) Dec. 18, 2014--Standard&Poor's Ratings Services said today that it has affirmed the long- and short-term counterparty credit ratings on Dutch

...OVERVIEW + We believe that the stability and resilience of LeasePlan's business model has improved over the past five years. + We now assess LeasePlan's stand-alone credit profile (SACP) at '###' and continue to believe that it is a "moderately strategic" subsidiary of Volkswagen AG (VW). + We have consequently affirmed our long- and short-term ratings on LeasePlan at '###+/A-2' and removed them from CreditWatch negative. + The stable outlook reflects our expectations that the bank will remain an important investment for VW and that it can maintain its strong capitalization and prevent any deterioration in asset quality. PARIS (Standard & Poor's) Dec. 18, 2014--Standard & Poor's Ratings Services said today that it has affirmed the long- and short-term counterparty credit ratings on Dutch bank LeasePlan Corporation N.V. at '###+/A-2', and removed them from CreditWatch with negative implications, where they were placed on Sept. 29, 2014. The outlook is stable. The ratings affirmation reflects...

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