Fitch lowers Mercedes-Benz South Africa notes to AA(zaf)

Fitch Ratings said it downgraded Mercedes-Benz South Africa (Pty.) Ltd.'s ZAR 18 billion medium-term note program and ZAR 2 billion guaranteed note issue to national long-term AA(zaf) from AA+(zaf) and affirmed its national short-term rating at F1+(zaf).

This follows the downgrade of Daimler AG's international long-term rating to BBB+ from AA-. The notes are guaranteed unconditionally and irrevocably by Daimler.

The agency said Mercedes-Benz South Africa's ratings reflect the strength of Daimler, and any change in Daimler's ratings will affect Mercedes-Benz South Africa's ratings.

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