LONDON, June 24 (Reuters) - Fitch Ratings on Wednesday changed the outlook on DaimlerChrysler AG's BBB+ senior unsecured rating to positive from stable.
"The Outlook change reflects Fitch's view that the progress made so far in the restructuring of Chrysler Group in particular, but also of the commercial vehicle division, has materially lowered the downside risk provided by these entities on the overall credit profile," the agency said.
Fitch also affirmed DaimlerChrysler's F2 short-term rating.
The first quarter saw higher operating profitability, improved performance in the commerical vehicle division and strong cash generation at the Mercedes Car Group division, Fitch said.
"Fitch is of the opinion that the cost reductions realised and the models now available in the North American market back the US carmaker's competitive position." the agency said.