Strong earnings and capitalization. Regulated status as a bank. Leading global position in commercial auto fleet leasing. A predominantly wholesale funding profile. Concentrated business focus. Significant exposure to double leverage risks. The stable outlook on LeasePlan Corporation N.V. reflects Standard&Poor's Ratings Services' view that, over the next two years, LeasePlan will maintain its solid operating performance, strong capitalization, and supportive asset quality profile, and that new ownership will not result in a more aggressive financial policy and risk appetite. We could lower the ratings on LeasePlan if we see evidence that its new ownership is altering the business or financial strategy of the company, for example, if the new owners further leveraged the holding structure above LeasePlan in
