The ratings on Dutch bank LeasePlan Corporation N.V. are supported by its leading franchise in operational car leasing and fleet management, wide geographic diversification, and satisfactory financial profile--notably sound asset quality and earnings generation. LeasePlan is 50% owned by Germany-based Volkswagen automotive group (VW; A-/Stable/A-2), through Volkswagen Bank GmbH (VW Bank; A/Stable/A-1), and two long-term Gulf-based investors, each owning 25%. Due to operational and financial independence from VW, the presence of large minority shareholdings, and LeasePlan's regulated status as a bank under Dutch law, LeasePlan's ratings reflect its pure stand-alone creditworthiness. The ratings on LeasePlan could moderately diverge from those on VW Bank, but not more than one notch, if LeasePlan's stand-alone strengths merit it. LeasePlan's limited business diversification, cost-intensive
