Fitch upgrades Mercedes-Benz (Thailand)

Fitch Ratings said it upgraded the national long-term rating on Mercedes-Benz (Thailand) Ltd.'s 2 billion in Thai baht guaranteed debentures due 2012 to AAA(tha) from AA+(tha).

The outlook is stable.

The action follows the upgrade of the long-term foreign-currency issuer default rating of Daimler AG, Mercedes-Benz Thailand's guarantor and its parent, to A- from BBB+.

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

Fitch noted that any action that results in Daimler's long-term foreign-currency issuer default rating falling below that of Thailand sovereign's long-term local-currency issuer default rating will affect the debentures' national rating.

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