The ratings on Dutch bank LeasePlan Corporation N.V. (LeasePlan) are supported by its leading market position in operational car leasing and fleet management, wide geographic diversification, high and stable profitability, sound asset quality, and adequate capitalization. The ratings are constrained, however, by the bank's concentration on one single business segment, relatively high cost base, and the need to continue to strengthen funding following its sale to a consortium headed by Volkswagen AG (A-/Negative/A-2) in November 2004. Due to LeasePlan's solid stand-alone profile, expected high degree of independence from the Volkswagen group in operations and funding, the presence of large minority shareholdings in LeasePlan's capital, along with its status as a bank under Dutch law and supervision by the Central Bank
