The ratings on Netherlands-based LeasePlan Corporation N.V. are supported by its leading market position in operational car leasing and fleet management, wide geographic diversification, high and stable profitability, sound asset quality, prudent capital management, and the establishment of an independent funding base. The ratings remain constrained, however, by the bank's concentration on one single business segment. LeasePlan is 50% owned by Volkswagen Bank GmbH ( VW Bank; A-/Stable/A-2) and two Gulf-based investors, each of whom holds 25%. The ratings on LeasePlan are higher than those on its direct parent, VW Bank, due to the former's solid stand-alone profile, high degree of independence from the Volkswagen group, presence of large minority shareholdings, along with status as a bank under Dutch law
