Bangkok--25 Jan--Fitch Ratings Fitch Ratings (Thailand) Limited has today affirmed the 'AA+(tha)' National Long-term rating of Mercedes-Benz (Thailand) Limited's (MBTh) THB2.5 billion guaranteed debentures due 2009. The Outlook on the rating is Stable. The rating is based entirely on the full, irrevocable and unconditional guarantee provided by its parent Daimler AG (Daimler). Fitch currently rates the Long-term foreign currency Issuer Default Rating (IDR) of Daimler at 'A-' (A minus) with a Stable Outlook, which is one notch below Thailand's International Long-term local currency IDR of 'A' with a Stable Outlook. This, in turn, means the National rating of the guaranteed debentures is one notch below Thailand's sovereign National rating of 'AAA(tha)'. Fitch notes that any changes in the International rating differential between Daimler and the Thai sovereign will affect the debentures' National rating. Investors should note that a one notch change in Daimler's International rating could result in a greater than one notch change in the debentures' National rating. The ratings of the guarantor, Daimler, reflect the group's improved credit profile following the sale of an 80.1% stake in Chrysler, which will considerably reduce uncertainty and risk, in particular with regards to earnings volatility, profitability and legacy liabilities. The ratings are also underpinned by Daimler's broad geographical and business diversification, as well as its leading and solid position in the automotive and commercial vehicles industries. However, automotive markets continue to be extremely challenging with fierce competition and low growth prospects in the US and Western Europe. The heavy truck industry, likewise, remains tremendously volatile and subject to regulatory pressure, in particular in the field of emission regulations. Although Daimler's overall financial guidance and prospects are encouraging, the ratings also incorporate the group's previous strategic and business missteps, and its history of not always achieving announced targets. DaimlerChrysler (Thailand) Limited changed its name to MBTh on November 1, 2007, following Daimler's disposal of a majority stake in the Chrysler Group division and its related financial services business to a subsidiary of Cerberus Capital Management. L.P. in August 2007. MBTh is 99.99%-owned by Daimler. MBTh is responsible for the import and wholesale functions for Mercedes-Benz vehicles for distribution in Thailand, and is a leader in Thailand's premium car market. Mercedes-Benz enjoys a good reputation in the country's premium segment due to its relatively low after-sales service costs and the high value its vehicles command in the second-hand market. In addition, MBTh provides hire purchase and leasing services through its wholly-owned leasing subsidiary, Mercedes-Benz Leasing (Thailand) Company Limited.