Fitch Ratings (Thailand) Company Limited has announced the National Long-term Expected Rating of AAA(tha) for Mercedes' Guaranteed Medium Term Note Program. Des-Benz (Thailand) Co., Ltd. or MBTh Project 3 (MTN-3) worth not more than twenty billion baht. The rating outlook is stable. The company's guaranteed bond project It is guaranteed by its parent company, Daimler AG (Daimler, 'A-/Stable'), if Fitch considers a change in Daimler's credit profile. This may cause the credit rating of MBTh's guaranteed bonds to change. Fitch announced the rating.


After receiving relevant signed documents C Level Executive List containing information previously received by Fitch, which the announced credit rating This is in line with the expected credit rating (Expected Rating) announced on 17 October 2019. Factors affecting credit rating Guaranteed by Daimler: The rating of the guaranteed bond program reflects the full guarantee. unconditional and cannot be canceled by Daimler. Daimler has a Long-Term Foreign Currency International Long-term Issuer Default Rating (IDR) of 'A-' with a stable credit outlook. This is higher than Thailand's Long-Term Local Currency IDR, which is at 'BBB+'. Therefore, the national credit rating of the guaranteed debenture program is limited to the internal long-term rating. Highest country at 'AAA(tha)' level Summary credit rating determination The rating of MBTh's guaranteed bond program reflects the full nature of the guarantee. unconditional and cannot be canceled by Daimler.



Factors that may affect the credit rating in the future Positive factors: - The national credit rating of the guaranteed bond program is capped at 'AAA(tha)', which is already the highest national credit rating. Negative factors: - The national credit rating of the guaranteed share program may be downgraded. If Daimler's Long-Term IDR drops below Thailand's Long-Term Domestic Currency IDR, Liquidity Liquidity is at a manageable level: The company's debt to external creditors at the end of 2018 consisted of 72% bank loans and 28% baht debentures, all of which were guaranteed by Demle. Of this amount, debt due in 2019 amounted to 16.7 billion baht, which was supported in part by 555 million baht of cash on hand and 9.7 billion baht of uncommitted credit lines that have not yet been drawn down.