Fitch cuts Primus Leasing view to negative

Fitch Ratings (Thailand) said it changed the outlook on the national AA+(tha) rating on Primus Leasing Co. Ltd.'s guaranteed notes under its medium-term note programs and guaranteed bills of exchange to negative from stable.

Fitch said the revision in the outlook follows a similar change in the outlook on the senior debt ratings of Primus' parents, Ford Motor Co. and Ford Motor Credit Co., to negative from stable.

Fitch said the change in the latter reflected the effect of further production cutbacks on Ford's consolidated operating results, continuing price competition in key market segments, shifting consumer buying patterns away from mid-size and large SUVs (which have comprised a significant component of Ford's automotive profitability) and cost pressures.

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