Leading global franchise in operational car leasing and fleet management Sound profitability with high proportion of non-interest-sensitive revenues, but likely under pressure in 2009 Sound asset quality Regulated status as a bank Wholesale funding profile a particular weakness amid global liquidity squeeze Business and earnings concentration Credit costs to rise from record lows High cost base The ratings on Dutch bank LeasePlan Corporation N.V. are based on its stand-alone financial and risk profile, reflecting its leading worldwide franchise in operational car leasing and fleet management, sound profitability despite weaker earnings prospects in coming quarters, sound asset quality, and regulated status as a bank. Ratings are constrained by LeasePlan's limited business diversification, weakened financial profile due to the increasing challenges linked
