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Announcement:

Moody's confirms Nissan's Baa2 ratings, outlook stable

 The document has been translated in other languages

28 Apr 2011

Tokyo, April 28, 2011 -- Moody's Japan K.K. has confirmed the Baa2 issuer ratings of Nissan Motor Co., Ltd. (Nissan) and its supporting subsidiaries.

The ratings outlook is stable.

This concludes the review for possible upgrade initiated on February 14, 2011.

The ratings for the following entities are affected:

Nissan Motor Co., Ltd.

Nissan Capital of America, Inc.

Nissan Motor Acceptance Corporation

Nissan Intl. Finance (Netherlands) B.V.

Nissan Financial Services Co., Ltd.

The aftermath of the March 11 earthquake has triggered the rating action -- a shortage of components and electricity power issues will negatively affect Nissan's earnings recovery in the upcoming quarters.

Moody's expects production to return to normal within the year, however, it is concerned about the uncertainty regarding the quake's aftermath and the strength of Nissan's earnings recovery thereafter.

Nissan's outlook is stable. Moody's expects the effects of the quake to be negative on its earnings at least in the short term; however, the current rating is able to accommodate this outcome because Nissan can maintain its global market competitiveness and return profitability to reasonable levels over the medium term.

Before the quake, Nissan's earnings improved in terms of its unit sales growth due to the market recovery, its rising market share, and cost savings. In addition, the company's automobile business attained a positive net cash position.

After rebuilding its damaged facilities, Nissan is still faced with electricity supply issues and a components supply shortage.

Its domestic rivals recently announced that their production would return to normal by the end of the year. However, Moody's also believes that Nissan's production will also return to normal within the year.

Electricity supply is improving and TEPCO has revised its electricity supply projection upwards, although this may continue to be a risk factor for Nissan because its production facilities have high exposure to TEPCO's electricity supply area.

Components supply is more important because it significantly influences the global supply chain. A major supplier of semiconductor chips for automobile manufacturers (that Moody's believes is one of the important bottlenecks), announced that it would move forward its restart date at a damaged factory to June 15 from mid-July as previously projected. However, it is still unclear how quickly the overall supply chain will return to normal.

Upward rating pressure could re-emerge if Nissan's earnings return to the recovery path that Moody's expects. Moody's may consider a positive rating action if Nissan keeps its unadjusted operating profit margin above 5%. Improvements in Renault's financial performance and creditworthiness could also positively affect Nissan's ratings.

On the other hand, factors which could trigger a downgrade include (1) sizable investments or share buybacks, and which raise leverage significantly, (2) if the relationship between Nissan and Renault were to grow closer, in particular on the financial side, or if Renault's financial situation weakens materially, potentially impacting Nissan's own financial strength, and (3) Nissan's brand deteriorates and its market share falls. The rating could also be downgraded if Nissan's operating margin drops and remains below 3% for two consecutive years.

The principal methodology used in this rating was "Global Automobile Manufacturer Industry", published on September 30, 2010, and available on www.moodys.co.jp.

Nissan Motor Co., Ltd., headquartered in Yokohama, is a leading global automobile manufacturer and is 43.4% owned by Renault S.A.

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, confidential and proprietary Moody's information.

Measures taken to ensure the quality of this information include use of public information, reviews by a third party and verification by the lead analyst.

Moody's considers the quality of information available on the issuer or obligations satisfactory for the purposes of maintaining a credit rating.

Moody's adopts all necessary measures to ensure that the information it uses in maintaining a credit rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third parties. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Credit ratings are Moody's current opinions of the relative future credit risk of entities, credit commitments, or debt or debt-like securities. Moody's defines credit risk as the risk that an entity may not meet its contractual, financial obligations as they come due and any estimated financial loss in the event of default. Credit ratings do not address any other risk, including but not limited to: liquidity risk, market value risk, or price volatility. Credit ratings do not constitute investment or financial advice, and credit ratings are not recommendations to purchase, sell, or hold particular securities. No warranty, express or implied, as to the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any such rating or other opinion or information is given or made by Moody's in any form or manner whatsoever. The credit risk of an issuer or its obligations is assessed based on information received from the issuer or from public sources. Moody's may change the rating when it deems necessary. Moody's may also withdraw the rating due to insufficient information, or for other reasons.

Moody's Japan K.K. is a credit rating agency registered with the Japan Financial Services Agency and its registration number is FSA Commissioner (Ratings) No. 2. The Financial Services Agency has not imposed any supervisory measures on Moody's Japan K.K. in the past year.

Please see ratings tab on the issuer/entity page on the Moody's website for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on the Moody's website for further information.

Please see the Credit Policy page on the Moody's website for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

Tokyo
Tadashi Usui
Vice President - Senior Analyst
Corporate Finance Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Tokyo
Shinsuke Tanimoto
Senior Vice President - Team Leader
Corporate Finance Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Moody's Japan K.K.
Atago Green Hills Mori Tower 20fl
2-5-1 Atago, Minato-ku
Tokyo 105-6220
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JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Moody's confirms Nissan's Baa2 ratings, outlook stable
No Related Data.
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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.

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​
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