Fitch rates DaimlerChrysler debentures AA

Fitch Ratings (Thailand) Ltd. said it affirmed the national long-term rating of AA(tha) on DaimlerChrysler (Thailand) Ltd.'s 2 billion Thai baht guaranteed debentures due 2007.

The outlook is stable.

The agency said the ratings are based entirely on the full, irrevocable and unconditional guarantee on the debentures by DaimlerChrysler AG (BBB+/stable). The international BBB+ rating for DaimlerChrysler is currently two notches below Thailand's long-term local-currency issuer default rating of A with stable outlook. Therefore, the guaranteed debentures are rated two notches below Thailand's national AAA(tha) rating, Fitch said.

The rating of the guarantor reflects the group's leading position in the automotive and trucks industries, its sound business and geographic diversification, as well as its strengthening financial profile, the agency said.

The rating also reflects substantial challenges that the group will need to address to maintain the positive momentum, Fitch added.

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