We believe the economic outlook for Dutch bank LeasePlan Corporation's core European markets is deteriorating. While we view LeasePlan as a strategically important subsidiary of Volkswagen Bank (VW Bank), we consider that the likelihood of future extraordinary support could diminish over time. We are therefore revising our outlook on LeasePlan to stable from positive and affirming our 'BBB+/A-2' ratings on the bank. The stable outlook reflects our expectations that potential pressure on LeasePlan's stand-alone credit profile or weakening parental support might offset the benefits from any upgrade of VW Bank and Volkswagen AG. On Oct. 17, 2012, Standard&Poor's Ratings Services revised its outlook on Dutch bank LeasePlan Corporation N.V. (LeasePlan) to stable from positive and affirmed its 'BBB+/A-2'
