Bangkok--5 Aug--Fitch Ratings Fitch Ratings (Thailand) Limited has today downgraded Primus Leasing Company Limited’s (Primus) National rating of guaranteed notes issued under its medium-term note programmes to ‘BB-(tha)’ (BB minus (tha)) from ‘BB+(tha)’. The Outlook remains Negative. This follows the agency’s downgrade on both US-based Ford Motor Credit Company’s (Ford Credit) and Ford Motor Company’s (Ford) Long-term Issuer Default Ratings (IDRs) to ‘B-’ (B minus) from ‘B’. The rating Outlooks for Ford Credit and Ford remain Negative. Primus is a Thai subsidiary of Ford Credit, which is a guarantor of Primus’s debt. Primus’s rating is based on the full, irrevocable and unconditional guarantee given by Ford Credit and the creditworthiness of Primus’s ultimate parents, Ford and Ford Credit. The Negative Outlooks on Ford and Ford Credit indicate the possibility of a downgrade on Primus’s rating. A rating Outlook generally indicates the direction a rating is likely to move over a one-to-two-year period. Investors should note that a one-notch change in an International rating could result in a change of more than one notch in a National rating. Fitch downgraded Ford Credit and Ford’s Long-term IDRs following further deterioration in Ford's U.S. sales as a result of economic conditions, an adverse product mix and the most recent jump in gas prices. In addition, Fitch is concerned by Ford Credit’s portfolio deterioration, reduced access to capital to support financing requirements and escalating commodity costs that remain a significant offset to cost reduction efforts. Negative cash flows and declining liquidity at Ford's automotive operations will accelerate in the second half of 2008, but liquidity is expected to be sufficient through 2009 to finance operating losses, working capital drains and restructuring efforts - even in the event that 2009 industry sales remain flat. Contact: Darunee Peanmanakit, Vincent Milton, Bangkok +662 655 4752/4759.