Fitch rates Primus notes AA+(tha)

Fitch Ratings (Thailand) said it has assigned Primus Leasing Co. Ltd.'s Thai baht 1 billion guaranteed notes under the company's medium-term note program a national rating of AA+(tha). The agency has also affirmed the national ratings of Primus' guaranteed notes under the previous MTN program and the guaranteed bills of exchange at AA+(tha).

The national ratings are based on the full, irrevocable and unconditional guarantee by Ford Motor Credit Co. and the creditworthiness of Primus' parents, Ford Motor Co. and Ford Credit, both of the United States, which are rated BBB+ with a negative outlook on the international scale.

With the international long-term local currency rating of Thailand recently upgraded to A- with a positive outlook, the ratings of Ford Credit and Primus relative to the Thai sovereign are trending weaker. Currently, the national rating of Primus is one level below the sovereign national AAA(tha) rating. Any further downgrade in the international rating of Ford or Ford Credit or any further upgrade in the international rating of the Thai sovereign will affect Primus' national rating of AA+ with negative outlook.

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