Fitch cuts Primus Leasing notes to AA(tha)

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

The outlook on the guarantor, Ford Credit, is negative, indicating the likelihood of further downgrades on Primus' national rating.

Fitch said its rating actions follow an upgrade of the Thai sovereign's international long-term foreign currency rating to BBB+ from BBB and long-term local currency rating to A- from A- with a stable outlook.

Fitch said Primus' national rating is based on the full, irrevocable and unconditional guarantee by Ford Credit and the creditworthiness of Primus' parents, Ford and Ford Credit, which are currently rated BBB+ on the international scale with a negative outlook.

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