Fitch rates Lincoln Finance notes BB-

Fitch Ratings said it assigned an expected BB- rating to Lincoln Finance Ltd.'s proposed senior secured notes.

The agency also said it assigned a long-term issuer default rating of BB- to Lincoln Financing Holdings Pte. Ltd., which will guarantee the notes.

The outlook is stable.

The companies were established as part of the pending acquisition of LeasePlan Corp. NV by a consortium of new owners, the agency said.

The expected ratings reflect the capital structure anticipated after the deal closes, incorporating five- and seven-year senior secured issuances by Lincoln Finance totaling €1.55 billion, Fitch said.

The agency said it believes that the debt issued by Lincoln Finance is sufficiently isolated from LeasePlan so that failure to service it, all else being equal, may have limited implications for the creditworthiness of LeasePlan.

Consequently, the instrument rating is based on the standalone profile of Lincoln Finance and the guarantor, Fitch said.

The agency also said it does not expect LeasePlan to adopt a significantly different strategy under new ownership.

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