Germany-based Volkswagen Bank (VW Bank) on Jan. 22, 2013, transferred its 50% stake in LeasePlan Corporation N.V. (Leaseplan) to Volkswagen AG (VW). In our view, the ownership change doesn't affect the support that LeasePlan receives from VW group. We are therefore affirming our ratings on LeasePlan at 'BBB+/A-2'. The stable outlook reflects our expectations that LeasePlan will remain strategic for VW and that the bank will be able to maintain its strong capitalization and prevent any deterioration in asset quality. MILAN (Standard&Poor's) Jan. 24, 2013--Standard&Poor's Ratings Services said today it affirmed its 'BBB+/A-2' long- and short-term counterparty credit ratings on Dutch Bank LeasePlan Corporation N.V (LeasePlan). The outlook is stable. The affirmation follows Volkswagen Bank GmbH's
