Fitch Revises Mercedes-Benz South Africa's ZAR18bn DMTN programme to 'AAA(zaf)'

(The following statement was released by the rating agency) LONDON/JOHANNESBURG, May 31 (Fitch) Fitch Ratings has revised Mercedes Benz South Africa (Pty) Ltd's (MBSA) ZAR18bn domestic medium-term note (DMTN) programme to National Long-term 'AAA(zaf)'from 'AA+(zaf)', in line with the mapping between the South African National Rating Scale and Local Currency Rating Scale. 'AAA(zaf)' maps to a 'A-' Local Currency Rating on the South National Rating Mappings (refer to for the South African National Rating Mappings). 'A-' is the Long-term Issuer Default Rating of Daimler AG, the guarantor for MBSA's DMTN programme. Fitch has also affirmed the National Short-Term Rating at 'F1+(zaf)'. KEY RATING DRIVERS Guaranteed by Daimler AG: MBSA's programme ratings continue to reflect the irrevocable and unconditional guarantees provided by its German parent, Daimler AG (Daimler, rated 'A-'/Stable Outlook by Fitch), which owns 100% of MBSA. Large and Diversified Group: MBSA's parent, Daimler AG has wide geographical and business diversification. It has leading positions in the premium passenger-car segment with its Mercedes-Benz and Smart brands (MBC division). Daimler Trucks (DT) is the world's largest heavy-truck manufacturer in unit sales. It is the largest in Europe and North America and the second or third largest in several other countries/regions, including Brazil and Japan. The group also holds leading positions in the global van and bus markets. RATING SENSITIVITY GUIDANCE Positive: Future developments that could lead to positive rating actions include: As MBSA's issue ratings are based entirely on the irrevocable and unconditional guarantee provided by German parent Daimler AG, positive rating action is linked to any positive rating action on Daimler AG. Negative: Future developments that could lead to negative rating action include: As MBSA's issue ratings are based entirely on the irrevocable and unconditional guarantee provided by German parent Daimler AG, negative rating action is linked to any negative rating action on Daimler AG. Contact: Primary Analyst Darshak Juta Associate Director +27 11 290 9407 Fitch Ratings Southern Africa (Pty) Ltd 23 Impala Road Chislehurston Sandton, 2196 Secondary Analyst Yeshvir Singh Associate Director +27 11 290 9401 Committee Chairperson Frederic Gits Managing Director +33 1 44 29 91 84 Media Relations: Peter Fitzpatrick, London, Tel: +44 20 3530 1103, Email: [email protected] Additional information is available on Applicable criteria, 'Corporate Rating Methodology', dated 8 August 2012 and 'Parent and Subsidiary Rating Linkage (Fitch's Approach to Rating Entities within a Corporate Group Structure)', dated 8 August 2012 are available at Applicable Criteria and Related Research: Corporate Rating Methodology Parent and Subsidiary Rating Linkage Additional Disclosure Solicitation Status ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.