The rating agency Standard & Poor's downgraded the Japanese automaker's long-term credit rating by two notches to "BB-". Mitsubishi Motors, following the vehicle test manipulation scandal. S&P also hints at a possible further downgrade while maintaining the negative outlook, insisting that the governance of Mitsubishi Motors (which has now seen Nissan become the largest shareholder) has been at least "defective" with two scandals since the early 2000s.
The news comes a few days after the agreement signed with Nissan, that acquires 34% of Mitsubishi Motors. The value of the agreement – announced on the sidelines of a conference in Tokyo – is 237,4 billion yen, equal to 1,9 billion euros: the operation should be definitively closed within the year.
