Fitch lowers Primus notes to BB+(tha)

Fitch Ratings (Thailand) said it downgraded the national rating of Primus Leasing Co. Ltd.'s guaranteed notes issued under its medium-term note programs and its guaranteed bills of exchange to BB+(tha) from BBB-(tha).

The outlook remains negative.

Fitch said this action follows its downgrade of the issuer default ratings of Ford Motor Co. and Ford Motor Credit to B from B+.

Primus is a Thai subsidiary of Ford Motor Credit, a guarantor of Primus' debt.

The national ratings of Primus are based on the full, irrevocable and unconditional guarantee given by Ford Motor Credit and the creditworthiness of Primus' ultimate parents, Ford Motor Co. and Ford Motor Credit.

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