Depends on the multiplexer, but it would normally be the AIS speed. Otherwise it's like trying to feed a busy motorway and a single-track country road into a second single-track country road. Except that there's no traffic control in NMEA, so the surplus packets don't just build a traffic jam and wait, they come screaming in at full speed and crash (actually get lost).
There's a good reason why AIS chose a faster bit rate than NMEA - too much data to fit into NMEA's lowly speed. AIS into 4800 baud just won't go if there are many sheeps around.