Fitch cuts Primus Leasing notes to BBB-(tha)

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

The outlook remains negative.

This action follows Fitch's downgrade of the issuer default rating (IDR) of Ford Motor Credit to B+ from BB. Primus is a Thai subsidiary of Ford Credit of the United States.

Thailand's long-term local currency IDR is A with a stable outlook while Primus' issue rating of BBB-(tha) has a negative outlook.

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