Fitch affirms Mercedes-Benz (Thailand)

Fitch Ratings said it affirmed the national long-term rating of Mercedes-Benz (Thailand) Ltd.'s 2 billion in Thai baht debentures due 2012 at AAA(tha), along with its 10 billion in Thai baht medium-term debenture program guaranteed by its parent, Daimler AG at AAA(tha).

The outlook is stable.

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

Daimler's long-term foreign-currency issuer default rating of A- is at the same level as Thailand's long-term local-currency issuer default rating, which in turn is mapped to AAA(tha) on Fitch's Thailand national rating scale.

Mercedes-Benz (Thailand) has been responsible for the import and wholesale functions of Mercedes-Benz vehicles for distribution in Thailand. It also provides hire-purchase and leasing services through its wholly-owned leasing subsidiary, Mercedes-Benz Leasing (Thailand) Co. Ltd., the agency said.

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