The downgrade reflects the effects of adverse business conditions in 2025, which are likely to continue into 2026. The Outlook reflects the good prospects of the planned product launches combined with ongoing cost reductions.

The Negative Outlook reflects the challenging business climate in 2024 and the dim outlook for 2025. A very strong financial risk profile is the key support. The ratings have been converted into unsolicited public ratings for business reasons.

Monitoring review announcement.

The rating upgrade reflects the positive impact of structurally higher profitability on the business risk profile combined with an even stronger financial risk profile.

The new rating reflects the unconditional and irrevocable guarantee provided by the parent company Mercedes-Benz Group AG.