The ratings on Dutch bank LeasePlan Corporation N.V. are based on its stand-alone financial and risk profile, reflecting its leading worldwide franchise in operational car leasing and fleet management, sound profitability despite weaker earnings prospects in coming quarters, sound asset quality, and regulated status as a bank. Ratings are constrained by LeasePlan's limited business diversification, weakened financial profile due to the increasing challenges linked to its wholesale funding structure and cost intensive business model, and likely rising--although manageable--risk charges. Standard&Poor's Ratings Services views positively the €1.5 billion, three-year credit facility granted to LeasePlan by its ultimate owner Volkswagen AG (VW, A-/Stable/A-2) at end-September 2008. In addition, LeasePlan could, as a bank, benefit from the package of measures announced
