Fitch: Outlook stable for Mercedes-Benz (Thailand) notes

Fitch Ratings (Thailand) Ltd. said it revised the outlook on Mercedes-Benz (Thailand) Ltd.'s 2.5 billion baht guaranteed debentures due 2009 to stable from positive and affirmed the debentures' national long-term rating at AA+(tha).

The outlook revision follows a similar revision in the outlook on Daimler AG, the guarantor and parent. The agency said the rating is based entirely on the full, irrevocable and unconditional guarantee provided by Daimler.

The outlook revision on Daimler reflects Fitch's expectation that new car and truck sales will continue to fall, putting pressure on the company's profitability and cash generation, meaning any potential for an upgrade in the next 12 to 18 months has now disappeared.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.