Strong earnings and capitalization. Regulated status as a bank. Strategically important status to, and expected support in case of need from, Volkswagen Bank. A predominantly wholesale funding profile. Concentrated business focus. High residual value risks, implying inherent earnings volatility. The stable outlook reflects our expectations that potential pressure on LeasePlan's SACP or weakening parental support might offset the benefits of an upgrade of VW Bank and Volkswagen AG (A-/Positive/A-2). Under our base-case scenario we expect that an upgrade of VW Bank and Volkswagen wouldn't automatically result in an upgrade of LeasePlan's ratings because: LeasePlan's RAC ratio might not remain above 10% owing to a deterioration in the economic environment of some European countries, including Southern Europe and The Netherlands; or
