MEC - Mercedes-Benz South Africa (Proprietary) Limited - Upgrade by Fitch
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MEC - Mercedes-Benz South Africa (Proprietary) Limited - Upgrade by Fitch
Ratings
Upgrade by Fitch Ratings
Fitch Ratings upgraded Daimler AG`s Long-term Issuer Default Rating ("IDR") and
senior unsecured notes to `A-` from `BBB+` on 10 June 2011. The agency has also
affirmed Daimler`s Short-term IDR at `F2`.
"Daimler has a leading market share in the premium passenger car segment with
its Mercedes-Benz and Smart brands ("MBC division"), whereas Daimler Trucks
("DT") is the largest heavy-truck manufacturer in the world. The group also
holds leading global market positions in the van and bus markets.
Sales of premium brands have been less distorted by scrapping incentives and
have recovered strongly since 2010. In addition, underlying demand for premium
vehicles is extremely high, both in developed and emerging markets. MBC is on
track to achieve a record year in 2011, despite a few models being close to
change-over. Global truck sales have been boosted by a recovering market in
Europe and the US (+15% and +25%, respectively, expected by Fitch in 2011) and
continuous strong demand in other markets. DT will also benefit from its most
comprehensive product launch ever in 2011-2013." - Fitch Ratings
As Guarantor to Mercedes-Benz South Africa (Pty) Ltd`s ("MBSA") DMTN Programme,
Daimler AG`s positive rating action has resulted in Fitch Ratings also upgrading
MBSA`s Senior Unsecured Debt rating.
The ratings actions are as follows:
Daimler AG:
Long-term IDR upgraded to `A-` from `BBB+`; Outlook Stable
Senior unsecured debt upgraded to `A-` from `BBB+`
Short-term IDR affirmed at `F2`
Mercedes-Benz South Africa (Pty) Ltd.:
Senior unsecured debt upgraded to `A-` from `BBB+`
Short-term rating affirmed at `F2`
17 June 2011
Debt Sponsor
Deutsche Bank AG, Johannesburg Branch
Date: 17/06/2011 14:00:01 Produced by the JSE SENS Department.
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