Fitch affirms Mercedes-Benz (Thailand)

Fitch Ratings said it affirmed the national long-term rating at AAA(tha) on Mercedes-Benz (Thailand) Ltd.'s 2 billion in Thai baht debentures guaranteed by its parent, Daimler AG.

The outlook is stable.

The rating is based entirely on the full, irrevocable and unconditional guarantee provided by Daimler, Fitch said.

Daimler's long-term foreign-currency issuer default rating of A- is equal to Thailand's sovereign long-term local-currency issuer default rating, Fitch said.

The agency noted that any action resulting in Daimler's long-term foreign-currency issuer default rating falling below that of Thailand sovereign's long-term local-currency issuer default rating will affect the debentures' national rating.

It should be noted that a one-notch change in an international rating could result in a more than a one-notch change in a national rating, Fitch said.

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