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, and sound asset quality. The ratings remain constrained, however, by the bank's concentration on one single business segment, cost-intensive business model, and reliance on wholesale-funded liquidity. LeasePlan is 50% owned by Volkswagen Bank GmbH (VW Bank; A-/Stable/A-2) and two long-term 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 operational and financial independence from Germany-based automotive group Volkswagen AG (VW; A-/Stable/A-2), presence of large minority shareholdings, along with
