On Aug. 27, 2012, we revised to positive from stable our outlooks on Volkswagen AG (VW AG) and its subsidiary Volkswagen Bank AG (VW Bank), the 50% owner of LeasePlan Corporation N.V (LeasePlan). We view LeasePlan as a strategically important subsidiary of VW Bank, and therefore believe that the bank would receive extraordinary support from its owner in case of need. We are revising the outlook on LeasePlan to positive from stable and affirming our 'BBB+/A-2' ratings on the bank. The positive outlook mirrors that on LeasePlan's direct and ultimate parent, VW Bank. On Aug. 28, 2012, Standard&Poor's Ratings Services revised its outlook on LeasePlan Corporation N.V (LeasePlan) to positive from stable and affirmed its 'BBB+/A-2' long- and
