The ratings on Dutch bank LeasePlan Corporation N.V. (LeasePlan) primarily reflect Standard&Poor's Ratings Services' opinion of its leading worldwide franchise in operational car leasing and fleet management, its strong earnings and capitalization, and the ongoing benefits derived from being a regulated bank. However, the ratings are constrained by our view of the bank's wholesale funding profile, its narrow business focus, and earnings volatility stemming from structurally high residual value risks. Standard&Poor's considers LeasePlan to be strategically important to Volkswagen Bank GmbH (VW Bank; A-/Stable/A-2), its 50% owner, because LeasePlan adds geographic and business diversity to VW Bank's captive business model and is a recurrent earnings contributor. Therefore, according to our criteria, LeasePlan's ratings benefit from one-notch
