MERCEDES-BENZ SOUTH AFRICA LIMITED - 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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