Summary: LeasePlan Corporation N.V.

Strong earnings and capitalization. Regulated status as a bank. Likely support from Volkswagen AG. A predominantly wholesale funding profile. Concentrated business focus. Exposure to residual value risks. The stable outlook on LeasePlan Corporation N.V. reflects Standard&Poor's Ratings Services' expectations that LeasePlan will remain an important investment for German carmaker Volkswagen AG (VW) and that the bank will be able to maintain its strong capitalization and prevent any deterioration in asset quality. Under our base-case scenario, we expect LeasePlan to remain within the VW group, and we believe that VW would provide extraordinary support to LeasePlan in case of stress, although we don't believe such support will be needed in the foreseeable future. We also expect LeasePlan to maintain

...Outlook: Stable The stable outlook on LeasePlan Corporation N.V. reflects Standard & Poor's Ratings Services' expectations that LeasePlan will remain an important investment for German carmaker Volkswagen AG (VW) and that the bank will be able to maintain its strong capitalization and prevent any deterioration in asset quality. Under our base-case scenario, we expect LeasePlan to remain within the VW group, and we believe that VW would provide extraordinary support to LeasePlan in case of stress, although we don't believe such support will be needed in the foreseeable future. We also expect LeasePlan to maintain a risk-adjusted capital (RAC) ratio above 10% and to continue to conservatively manage its exposure to residual value risk. We could lower the ratings on LeasePlan if we no longer considered the bank to be a "moderately strategic" subsidiary of VW. This could happen if we considered LeasePlan's importance to the VW group to be reduced, or if VW started to question LeasePlan's presence...

Summary