Fitch rates Mercedes-Benz notes AA+(tha)

Fitch Ratings said it assigned an expected AA+(tha) national long-term rating to Mercedes-Benz (Thailand) Ltd.'s upcoming 2 billion in Thai baht debentures due 2012.

The outlook is positive.

The debentures are guaranteed by the parent Daimler AG, which has a long-term issuer default rating of BBB+ with a positive outlook.

The rating is based entirely on the full, irrevocable and unconditional guarantee provided by Daimler, Fitch said.

The ratings reflect its solid business profile, including leading global market positions in the premium car, bus, van and truck market, improving geographical diversification and ample liquidity, the agency said.

The ratings are constrained by the high volatility and cyclicality of the markets in which it operates, Fitch added.

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