Sept 12 -
-- Under our current bank criteria, we published comments on the influence of asset
encumbrance on our bank ratings, and how senior unsecured debt would be equalized with the
ratings on the bank that issued the debt.
-- We regard GRENKELEASING as a bank under our criteria, as it fully owns and
consolidates its subsidiary GrenkeBank, which is fully regulated and has potential access to
central bank funding.
-- Based on our commentary stated above, we are raising our senior unsecured and short-term
debt rating on Grenke to 'BBB+/A-2' from 'BBB/A-3' and affirming the 'BBB+' long-term and 'A-2'
-- The stable outlook reflects our expectation that Grenke's well-managed business model
will remain relatively resilient to the continually challenging operating environment, despite
increasing credit risks and ongoing uncertainty in the funding markets.
On Sept. 12, 2012--Standard & Poor's Ratings Services affirmed its 'BBB+' long-term and
'A-2' short-term counterparty credit ratings on GRENKELEASING AG (Grenke). The outlook is
stable. At the same time, we raised our senior unsecured debt rating on Grenke to 'BBB+' from
'BBB' and our short-term debt ratings to 'A-2' from 'A-3'.