Bangkok--16 May--Fitch Ratings (Thailand)
Fitch Ratings (Thailand) Limited has today placed DaimlerChrysler (Thailand) Limited’s (DCT) ‘AA(tha)’ National Long-term ratings on its THB2.0 billion guaranteed debentures due 2007, and its THB2.5bn guaranteed debentures due 2009 on Rating Watch Positive (RWP). This follows the agency’s recent announcement that it is placing DaimlerChrysler AG’s (DCX) Issuer Default rating (IDR) of ‘BBB+’ on RWP. DCT’s National rating is based entirely on the full, irrevocable and unconditional guarantee on the debentures by DCX.
Fitch placed DCX on RWP following the announcement that DCX will sell an 80.1% stake in its Chrysler unit. Fitch views that this should strengthen DCX’s overall financial and credit profiles by significantly cutting its exposure to the troubled division, which has been a source of concern since its acquisition in 1998 (see full details in DCX’s press release on www.fitchresearch.com ).
Contacts: Lertchai Kochareonrattanakul, Soamsiri Chadavadh, Vincent Milton, Bangkok, Tel: + 662 655 4755; Emmanuel Bulle, Paris, Tel: +33 1 44 29 91 84.
Note to Editors: Fitch’s National ratings provide a relative measure of creditworthiness for rated entities in countries with sub- or low-investment grade international sovereign ratings. The best risk within a country is rated ‘AAA’ and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as ‘AAA(tha)’ for National ratings in Thailand. Specific letter grades are not therefore internationally comparable.
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