Leading market position; Good profitability; and Sound asset quality. Heavy cost structure; and Margins under pressure The rating on Netherlands-based LeasePlan Corporation N.V. (LeasePlan) is supported by its strong market position, high and stable profitability, and sound asset quality. The rating also takes into account LeasePlan's forthcoming change of ownership to VW Group. LeasePlan is the European market leader in corporate vehicle fleet management and one of the leading global players in automotive services. By focusing on full service leasing and pursuing a dynamic expansion strategy, Standard&Poor's expects LeasePlan to maintain its leading position in the European market. LeasePlan's shareholding is due to be transferred to VW and two long-term Gulf-based investors from ABN AMRO Bank N.V. (ABN
