LeasePlan Corporation N.V. 'BBB/A-2' Ratings Still On Watch Negative On Proposed Acquisition By Investor Consortium

We had previously placed the 'BBB/A-2' long- and short-term ratings on LeasePlan Corporation N.V. on CreditWatch with negative implications on July 28, 2015, following the announcement by Volkswagen AG and Dutch company Fleet Investments B.V. that they intended to dispose of their stakes to a consortium of investors. We are maintaining the rating on LeasePlan on CreditWatch, reflecting downside risks to the bank's financial profile, particularly its leverage, under the ownership of financial sponsors. At this stage, we consider these downside risks are limited to one notch. We intend to resolve the CreditWatch pending regulatory approval of the new ownership structure, whether in its current form or not. LONDON (Standard&Poor's) Nov. 3, 2015--Standard&Poor's Ratings Services said

...+ We had previously placed the '###/A-2' long- and short-term ratings on LeasePlan Corporation N.V. on CreditWatch with negative implications on July 28, 2015, following the announcement by Volkswagen AG and Dutch company Fleet Investments B.V. that they intended to dispose of their stakes to a consortium of investors. + We are maintaining the rating on LeasePlan on CreditWatch, reflecting downside risks to the bank's financial profile, particularly its leverage, under the ownership of financial sponsors. At this stage, we consider these downside risks are limited to one notch. + We intend to resolve the CreditWatch pending regulatory approval of the new ownership structure, whether in its current form or not. LONDON (Standard & Poor's) Nov. 3, 2015--Standard & Poor's Ratings Services said today that it maintained its '###' long-term and 'A-2' short-term counterparty credit ratings on Dutch bank LeasePlan Corporation N.V. (LeasePlan) on CreditWatch with negative implications. We are maintaining...

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