Fitch affirms Mercedes-Benz South Africa program

Fitch Ratings said it affirmed Mercedes-Benz South Africa Ltd.'s ZAR35 billion domestic medium-term note program's national long- and short-term ratings at AAA(zaf) and F1+(zaf), respectively.

The affirmation applies to about ZAR11.9 billion of notes outstanding as of July 26.

The agency said the ratings are based on Fitch's assessment of strong linkage between the company and its parent Mercedes-Benz Group AG (A/stable).

Fitch said it views the unconditional and irrevocable guarantee from the parent company in respect of Mercedes-Benz South Africa’s program as the key rating factor.

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