Bangkok--21 Nov--Fitch Ratings
Fitch Ratings (Thailand) Limited has today revised the Outlook on Mercedes-Benz (Thailand) Limited's (MBTh) THB2.5bn guaranteed debentures due 2009 to Stable from Positive and affirmed the debentures' National Long-term rating at 'AA+(tha)', following a similar revision in the Outlook on Germany's Daimler AG (Daimler), the guarantor and its parent. The rating is based entirely on the full, irrevocable and unconditional guarantee provided by Daimler, which is rated Long-term foreign currency Issuer Default Rating of 'A-' (A minus).
The rating Outlook revision on Daimler reflects Fitch's expectation that new car and truck sales will continue to fall, putting pressure on its profitability and cash generation, meaning any potential for an upgrade in the next 12 to 18 months has now disappeared. However, the group retains an overall solid credit profile which compares favourably with several other European car manufacturers rated in the 'BBB' category.
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