We expect LeasePlan Corp. will remain focused on its current strategic targets, which have already shown supportive results, including improving earnings and lower credit losses than peers'. We believe this will likely support stronger consolidated capitalization, help reduce double leverage at the ultimate holding company, and further improve financial flexibility. We are therefore revising our outlook on LeasePlan to positive from stable, while affirming our 'BBB-/A-3' ratings on LeasePlan and our 'BB+' rating on intermediate nonoperating holding company Lincoln Financing Holdings PTE Ltd. The positive outlook on LeasePlan indicates that we could raise the ratings during the next 24 months if, combined with a solid credit loss track record, we continue to observe a stable risk appetite, satisfactory profitability, and
