June 5 - Fitch Ratings has affirmed Mercedes Benz South Africa (Pty) Ltd's
(MBSA) ZAR18 billion domestic medium-term note (DMTN) programme at national
long-term 'AA(zaf)' and national short-term 'F1+(zaf)'.
MBSA's issue ratings continue to reflect the irrevocable and unconditional
guarantees provided by its German parent company, Daimler AG ('A-'/Outlook
Stable). The issue ratings also incorporate the strong strategic, legal and
operational ties between the South African company and Daimler AG.
The ZAR18 billion DMTN programme comprises both short-term and long-term capital
market instruments, and includes a variety of fixed, floating, mixed, and zero
coupon, as well as index-linked and other notes.
MBSA is wholly owned by Daimler AG. The company's manufacturing plant
is based in East London (South Africa) and manufactures Mercedes-Benz C-Class
cars for the local and export markets. It holds the franchise for the
importation, assembly and distribution of Mercedes-Benz and Smart product ranges
in South Africa, as well as Freightliner, Fuso and Western Star commercial
vehicles.
Additional information is available at www.fitchratings.com. The ratings above
were solicited by, or on behalf of, the issuer, and therefore, Fitch has been
compensated for the provision of the ratings.
Applicable criteria, 'Corporate Rating Methodology', dated 13 August 2010 and
'Parent and Subsidiary Rating Linkage (Fitch's Approach to Rating Entities
within a Corporate Group Structure)', dated 14 July 2010, are available at
www.fitchratings.com
Applicable Criteria and Related Research:
Corporate Rating Methodology
Parent and Subsidiary Rating Linkage
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