MEC-Credit Rating Update:
MEC-Credit Rating Update
Mercedes-Benz South Africa Limited (Incorporated in the Republic of South Africa) (Registration No.
1962/000271/06)
Bond Issuer code: MEC
(“Mercedes-Benz” or “the Issuer”)
Credit Rating Update by S&P: COVID-19 Leads To Downgrade Of Daimler
Noteholders are advised that S &P has lowered the credit rating of the Issuer’s Guarantor, being
Daimler AG (“Daimler”) from ‘A’ to BBB+.
This outlook primarily reflects the high degree of uncertainty regarding the economic
impact of the COVID-19 pandemic and its implications for global car unit sales. S&P now expects
Daimler to report substantially negative free operating cash flow (FOCF) of €4 billion-€6 billion in
2020 along with EBITDA margins of less than 6% in 2020, which recover to about 8% in 2021.
Detailed information may be accessed through the following link:
www.spglobal.com/ratingsdirect
Centurion
27 March 2020
Debt Sponsor: The Standard Bank of South Africa Limited
debtsponsor@standardbank.co.za
Date: 27-03-2020 04:32:00
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