Research Update: Dutch Bank LeasePlan Outlook Revised To Stable From Positive; Ratings Affirmed

LeasePlan continues to display a solid operating performance in most markets where it operates, while executing its medium-term growth strategy. However, LeasePlan recently announced a material impairment charge in relation to its Turkish operations, slowing the pace at which consolidated capitalization is strengthening. We are therefore revising our outlook on LeasePlan to stable from positive, and affirming our 'BBB-/A-3' ratings on LeasePlan and our 'BB+' rating on intermediate nonoperating holding company Lincoln Financing Holdings PTE Ltd. The stable outlook on LeasePlan reflects our view that the group's ongoing successful growth strategy will continue to support its earnings capacity and capital building. The stable outlook on Lincoln reflects our view that double leverage will continue to reduce, albeit remaining relatively high

...+ LeasePlan continues to display a solid operating performance in most markets where it operates, while executing its medium-term growth strategy. + However, LeasePlan recently announced a material impairment charge in relation to its Turkish operations, slowing the pace at which consolidated capitalization is strengthening. + We are therefore revising our outlook on LeasePlan to stable from positive, and affirming our '###-/A-3' ratings on LeasePlan and our '##+' rating on intermediate nonoperating holding company Lincoln Financing Holdings PTE Ltd. + The stable outlook on LeasePlan reflects our view that the group's ongoing successful growth strategy will continue to support its earnings capacity and capital building. + The stable outlook on Lincoln reflects our view that double leverage will continue to reduce, albeit remaining relatively high over the next 12 months....

Research Update