Strong earnings and capitalization. Regulated status as a bank. Likely support from Volkswagen AG if it were needed. A predominantly wholesale funding profile. Concentrated business focus. Exposure to residual value risks, implying inherent earnings volatility. The stable outlook on LeasePlan Corporation N.V. (LP), reflects our view that it will remain important for its parent company Volkswagen AG (VW AG; A-/Positive/A-2), and that the bank will be able to maintain its strong capitalization and prevent any deterioration of its asset quality. Our base-case scenario assumes that LP will remain within the VW group, and that VW would provide extraordinary support to LP if it ran into financial difficulties. However, we don't believe LP will need such support in the foreseeable future.
