Leading franchise in operational car leasing and fleet management Wide geographic diversification High and recurring revenues generation capacity Sound asset quality Business concentration on one single segment Cost-intensive business model Structurally constrained liquidity profile mitigated by a conservative funding policy The ratings on Dutch bank LeasePlan Corporation N.V. are supported by its leading market position in operational car leasing and fleet management, wide geographic diversification, high and recurring revenues generation, and sound asset quality. The ratings remain constrained, however, by the bank's concentration on one single business segment, cost-intensive business model, and reliance on wholesale funds to finance its lease portfolio. LeasePlan is 50% owned by Germany-based Volkswagen automotive group (VW, A-/Stable/A-2), through Volkswagen Bank GmbH (VW Bank, A/Stable/A-1), and
