Tokyo — Nissan took another hit as the car maker’s debt rating was cut on concerns the next two years will be marked by slowing sales and a preoccupation with cleaning up after the scandal involving Carlos Ghosn. The company’s rating was lowered for the first time in a decade by S&P Global Ratings to A- from A. The outlook on the long-term debt score is stable, the rating firm said. The company’s A2 grade at Moody’s Investors Service also was placed on review for a downgrade. Nissan reduced its full-year earnings forecast after third-quarter profit missed analysts’ estimates, adding to the headwinds for a car maker struggling with the fallout from the arrest of former chair Ghosn. Sales in the US plunged 19% in January amid an industry-wide slump, intensifying the pressure on CEO Hiroto Saikawa as he tries to ease tensions with partner and shareholder Renault. Nissan is cutting as many as 700 workers at a Mississippi factory because of slowing truck and van sales. “Given severe busi...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now