Following a review under Standard&Poor's revised bank criteria (published Nov. 9, 2011), we have affirmed our 'BBB+/A-2' long- and short-term ratings on Dutch bank LeasePlan Corporation N.V. (LeasePlan). The outlook on the long-term rating is stable. Our ratings on LeasePlan factor in a 'bbb+' anchor for a bank domiciled in the Netherlands but with significant operations in countries with a higher risk profile, and reflect the bank's weak business position, strong capital and earnings, adequate risk position, below-average funding, and adequate liquidity. LeasePlan's ratings factor in two notches of support to reflect the bank's strategically important status to its 50% owner Volkswagen Bank GmbH. The stable outlook reflects our expectation that LeasePlan will be able to maintain its
