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Fitch lowers Primus Leasing
Fitch Ratings (Thailand) said it downgraded the national rating on Primus Leasing Co. Ltd.'s guaranteed notes issued under its medium-term note programs and its guaranteed bills of exchange to A+(tha) from AA(tha).
Primus is a Thai subsidiary of Ford Motor Credit Corp. of the United States; Ford Credit is also a guarantor of Primus' debt.
The rating action follows Fitch's downgrade of the international senior unsecured ratings of Ford Credit and parent Ford Motor Co. to BBB from BBB+. The outlook on Ford and Ford Credit remains negative, indicating the likelihood of further downgrades on Primus' national rating, Fitch said.
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