Fitch rates Primus Leasing notes A+(tha)

Fitch Ratings said it assigned a national rating of A+(tha) to Primus Leasing Co. Ltd.'s Thai baht 500 million three-year guaranteed notes issued under the company's medium-term note program.

At the same time, the agency said it affirmed the national ratings of Primus' guaranteed notes under the previous MTN programs and the guaranteed bills of exchange at A+(tha).

Primus is a Thai subsidiary of Ford Motor Co., which has a negative outlook, therefore indicating the likelihood of further downgrades on the company's national rating, the agency said. Fitch added that Primus' asset quality has continued to improve with the delinquency ratio declining to 0.58% at year-end 2004.

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