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SEARCHThe rating reflects Moody's view that LeasePlan maintains a "strong franchise in fleet management" that provides relatively stable earnings and effective management of considerable residual value risk.
Photo via LeasePlan.
Photo via LeasePlan.
Moody's Investors Service affirmed LeasePlan Corp. N.V.'s long-term senior unsecured bond ratings at Baa2 and declared the firm's outlook as stable.
The rating reflects Moody's view that LeasePlan maintains a "strong franchise in fleet management" that provides relatively stable earnings and effective management of considerable residual value risk. LeasePlan's reliance on wholesale funding is a rating constraint, according to Moody's.
Moody's credited LeasePlan with maintaining strong profitability since 2010 by consistently reporting yearly net profit exceeding 200 million euro ($274.9 million).
In 2013, LeasePlan reported a net profit of 326 million euro ($448.1 million), which represents "massive improvement" of revenues on sales of off-lease vehicles and the improvement of used-vehicle prices.
LeasePlan now manages 1.4 million vehicles globally.
Read Moody's full release here.
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