Leading market position in operational car leasing and fleet management; High and stable profitability; Wide geographic diversification; and Sound asset quality. Concentration on one single business segment; Somewhat high cost base; and Wholesale funding structure and the need to strengthen it in terms of sources and maturity. The ratings on Dutch bank LeasePlan Corporation N.V. (LeasePlan) are supported by its leading market position in operational car leasing and fleet management, wide geographic diversification, high and stable profitability, and sound asset quality. However, the ratings remain constrained by the bank's concentration on one single business segment, relatively high cost base, and the need to continue to strengthen funding following its sale in November 2004 to a consortium headed by Volkswagen AG
