Moody's cuts Nissan corporate family rating to Ba2
Global ratings agency Moody's on Friday cut Nissan's corporate family rating to Ba2 from Ba1, as the embattled Japanese carmaker seeks to push through a turnaround.
The outlook remains negative, Moody's said.
'The downgrade reflects the deterioration and expectation for continuing weakness in Nissan's credit profile, most notably in its automotive free cash flow and Ebit [earnings before interest and taxes] margin,' Dean Enjo, Moody's ratings vice-president and senior analyst, said in a statement.
Japan's third-biggest carmaker last month unveiled sweeping new cost cuts, saying it would reduce its workforce by about 15% and cut production plants to 10 from 17 globally, as performance in its key markets continues to come under pressure.
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