On Oct. 17, 2008, Standard&Poor's Ratings Services lowered its long- and short-term counterparty credit ratings on Dutch bank LeasePlan Corporation N.V. to 'A-/A-2' from 'A/A-1'. The outlook is negative. The downgrade reflects our concerns about a sharp weakening of LeasePlan's financial profile amid difficult times for wholesale funded banks and a likely economic slowdown in most of the countries where the bank operates. We view positively the €1.5 billion, three-year credit facility that ultimate owner automotive group Volkswagen AG (VW, A-/Stable/A-2) granted at end-September 2008 and the Dutch authorities' announced comprehensive package of measures, including a wider definition of collateral accepted by the central bank in exchange for liquidity support. We believe these one-off actions help stabilize LeasePlan's
