Dutch state to act as guarantor for the €1.5bn worth of medium-term
notes it plans to issue.
The lessor, 50 percent owned by Volkswagen, will wait for a
response from the Dutch government before issuing the bonds.
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Guus Stoelinga, LeasePlan’s chief financial officer, said that
“the company is not facing liquidity problems”, but had decided to
seek assistance because regular credit markets have been nearly
frozen by the liquidity crisis.
In October, Standard & Poor’s downgraded the company’s
credit rating from A to A-, due to “concerns about a sharp
weakening of LeasePlan’s financial profile amid difficult times for
wholesale funded banks” and “a likely economic slowdown in most of
the countries where the bank operates.”
With a fleet of 1.3 million cars in 30 countries, Stoelinga
added that he expects LeasePlan to meet or even beat last year’s
€255.4 million net profit.
