Moody's upgraded its rating on Nissan Motor upwards, citing its profitability and position in the global market after the automaker effectively fought a fight against an otherwise declining trend for the Japanese auto sector. The group, partially owned by Renault, saw its rating raised to A3 with a stable outlook. This is the seventh best position on a scale of 19.
"The upgrade - comments Moody's in a note - reflects the expectations that the series of new products, the focus on cost control and the commitment to build global brand value will allow the company to maintain a strong performance".
The agency however, he warned of some dangers, such as a strong yen and a slowdown in growth in China, Nissan's largest market. In May, Nissan reported an annual net profit of 341,43 billion yen and record sales for the year ending March. At a time when rivals Toyota and Honda are struggling, Nissan has shown it has managed to shake off the devastating effects of last year's earthquake: sales jumped to a record 9410 trillion yen with 4,85 million vehicles sold worldwide.
http://www.japantoday.com/category/business/view/moodys-upgrades-nissans-credit-rating
