DBRS lowers Nissan Motor

DBRS said it downgraded the issuer rating and senior unsecured debt rating of Nissan Motor Co., Ltd. as well as the senior unsecured debt rating of its subsidiary Nissan Canada Inc., to BBB (low) from BBB (high). All trends are negative.

“The rating downgrades reflect the ongoing deterioration in Nissan’s operating performance that has been considerably exacerbated by the global outbreak of the coronavirus disease (Covid-19),” DBRS said in a press release.

DBRS said it also removed Nissan’s ratings from under review with negative implications, where they were placed on March 27.

The agency noted Nissan took several meaningful and proactive measures to bolster its cash and liquidity position in response to the pandemic. The actions included suspending dividends, which in recent years averaged about ¥180 billion annually, capital market issuances of ¥ 70 billion and securing ¥895 billion in bank funding.

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