On Nov. 26, 2013, we placed our ratings on LeasePlan Corporation N.V. on CreditWatch positive following the publication of our revised criteria for rating members of corporate groups on Nov. 19, 2013. Under the criteria, we consider LeasePlan a "strategically important" subsidiary of Volkswagen AG (VW), which potentially allows for a three-notch uplift above LeasePlan's stand-alone credit profile. But this is subject to a cap of one notch below the group credit profile. We are affirming our 'BBB+/A-2' ratings on LeasePlan. The positive outlook reflects that on VW, indicating that we are likely to raise the ratings on LeasePlan should we raise the ratings on VW. On Dec. 17, 2013, Standard&Poor's Ratings Services affirmed its 'BBB+' long-term and
