On April 22, 2004, Standard&Poor's Ratings Services placed its 'A-1' short-term counterparty credit rating on Netherlands-based car fleet management and leasing company LeasePlan Corporation N.V. (LeasePlan) on CreditWatch with negative implications. The CreditWatch placement follows today's announcement of the intention of ABN AMRO Bank N.V. (ABN AMRO; AA-/Stable/A-1+) to transfer its shareholding of LeasePlan to a consortium of Germany-based carmaker Volkswagen AG (VW; A/Watch Neg/A-1) and two long-term Gulf-based investors. The CreditWatch listing on LeasePlan reflects that on VW, the largest shareholder under the prospective ownership structure (please see separate media release entitled "Volkswagen AG and Subs Still on CreditWatch Negative Following 50% Acquisition of LeasePlan", published earlier on RatingsDirect, Standard&Poor's Web-based credit analysis system). VW
