Fitch rates Mercedes-Benz (Thailand) program AAA(tha)

Fitch Ratings (Thailand) Ltd. said it assigned Mercedes-Benz (Thailand) Ltd.’s new guaranteed medium-term debentures program of up to 15 billion baht a national long-term AAA(tha) rating.

The outlook is stable.

At the same time, the agency affirmed the existing 6.02 billion baht guaranteed debentures under the previous 10 billion baht medium-term note program at AAA(tha) with a stable outlook.

The ratings of the programs are based solely on the full, irrevocable and unconditional guarantee provided by Daimler AG. Daimler's long-term foreign currency issuer default rating of A- is at the same level with Thailand's long-term local currency issuer default rating of A-, which correlates to the national long-term rating of AAA(tha).

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