On March 31, 2015, LeasePlan publicly stated that a group of investors was in discussions with LeasePlan's current 100% shareholder, GMH, to acquire 100% of LeasePlan. As our long-term rating on LeasePlan benefits from one notch of group support from Germany-based automaker, VW, the 50% owner of GMH, a sale could reduce the creditworthiness of the bank. We are placing our 'BBB+/A-2' ratings on LeasePlan on CreditWatch with negative implications. We could affirm the ratings or lower them by one or more notches within the next 90 days, depending on whether a sale agreement is reached, and, if so, on the impact of this ownership change on the bank's financial profile. PARIS (Standard&Poor's) April 8, 2015--Standard&Poor's
