Bangkok--15 Sep--Fitch Ratings
Fitch Ratings (Thailand) Limited has affirmed Mercedes-Benz (Thailand) Limited’s (MBTh) THB2bn debentures guaranteed by its parent, Daimler AG (Daimler; ‘A-’/Stable) at National Long-Term ‘AAA(tha)’. The Outlook is Stable.
The rating of the debentures is based entirely on the full, irrevocable and unconditional guarantee provided by Daimler. Daimler’s Long-term Foreign Currency IDR of ‘A-’ is equal to Thailand’s sovereign Long-Term Local Currency IDR. Fitch notes that any rating action that results in Daimler’s Long-term Foreign Currency IDR falling below that of Thailand sovereign’s Long-term Local Currency IDR will affect the debentures’ National rating. It should be noted that a one-notch change in an International rating could result in a more than one notch change in a National rating.
MBTh is 99.99%-owned by Daimler. Since 2000, MBTh has been responsible for the import and wholesale functions of Mercedes-Benz vehicles for distribution in Thailand. It also provides hire-purchase and leasing services through its wholly-owned leasing subsidiary, Mercedes-Benz Leasing (Thailand) Company Limited.