Leading worldwide franchise in operational car leasing and fleet management. Strong earnings and capitalization. Regulated status as a bank. Strategically important status to, and expected support in case of need from, Volkswagen Bank. A predominantly wholesale funding profile and, subsequently, a confidence-sensitive business model. Concentrated business focus. High residual value risks, implying inherent earnings volatility. The ratings on Dutch bank LeasePlan Corporation N.V. (LeasePlan) primarily reflect Standard&Poor's Ratings Services' opinion of its leading worldwide franchise in operational car leasing and fleet management, its strong earnings and capitalization, and the ongoing benefits derived from being a regulated bank. However, the ratings are constrained by our view of the bank's wholesale funding profile, its narrow business focus, and earnings volatility
