In our view, Dutch banks are exposed to the potential of a more protracted downturn in The Netherlands and wider eurozone. We are therefore revising our economic risk score for The Netherlands and our Banking Industry Country Risk Assessment to '3' from '2'. We consider that LeasePlan has only moderately exposure to The Netherlands. We are therefore affirming the ratings on LeasePlan at 'BBB+/A-2'. The stable outlook reflects our expectations that potential pressure on LeasePlan's stand-alone credit profile or weakening parental support may offset the benefits of an upgrade of its 50% owner, Volkswagen Bank. On Nov. 16, 2012, Standard&Poor's Ratings Services affirmed its 'BBB+/A-2' long- and short-term counterparty credit ratings on Dutch Bank LeasePlan Corporation N.V (LeasePlan).
