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 A+(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.

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