Major global franchise in operational car leasing and fleet management. Satisfactory geographically diverse revenue generation capacity, excluding residual value impacts. Sound asset quality and relatively strong capitalization. Strategically important status to, and implicit expected support from, German carmaker Volkswagen AG. Regulated status as a bank. Wholesale funding profile. Business and earnings concentration. Rising credit costs and elevated residual value charges that are set to constrain bottom-line profitability, at least in the next two years. The ratings on Dutch bank LeasePlan Corporation N.V. primarily reflect its leading worldwide franchise in operational car leasing and fleet management, sound asset quality, relatively strong capitalization, and ongoing benefits derived from regulated status as a bank. Ratings are constrained by LeasePlan's limited business diversification; lower
