...May 17, 2019 PARIS (S&P Global Ratings) May 17, 2019--S&P Global Ratings today assigned its 'B+' long-term issue rating to the proposed additional Tier 1 (AT1) perpetual capital notes to be issued by Netherlands-based LeasePlan Corporation N.V. (###-/Stable/A-3). The rating is subject to our review of the notes' final documentation. The 'B+' issue rating reflects our analysis of the proposed instrument and the '###-' long-term issuer credit rating (ICR) on LeasePlan Corp. To derive the rating, we deducted four notches from the ICR, namely: One notch for subordination; A further two notches since coupon payments are discretionary and the notes will be eligible as regulatory Tier 1 capital; and One notch because the notes' documentation contains a contractual write-down clause. The documentation contains a regulatory capital-based trigger leading to a write-down of the notes if, at any time, the common equity tier 1 (CET1) ratio (regardless of whether solo-consolidated, sub-consolidated,...
