Major worldwide franchise in operational car leasing and fleet management, with geographically diverse earnings streams. Good earnings and strong capitalization Strategically important status to, and expected support in case of need from Volkswagen Bank GmbH (VW Bank, A-/Stable/A-2). Regulated status as a bank. Wholesale funding profile. Business concentration. High residual value risks, implying inherent earnings volatility. The ratings on Dutch bank LeasePlan Corporation N.V. primarily reflect our view of its leading worldwide franchise in operational car leasing and fleet management, good earnings, relatively strong capitalization, and the ongoing benefits derived from being a regulated bank. The ratings are constrained by our opinion of the bank's wholesale funding profile, its narrow business focus, and some earnings volatility stemming from structurally high
