Investing.com -- Nissan (OTC: NSANY ) Motor Co.'s credit rating has been downgraded by all three major credit rating agencies, pushing it into the junk category. This comes after a second downgrade within a short period of time.
Fitch Ratings has lowered the car manufacturer's credit rating to BB+ from BBB-, pointing to weak earnings and an uncertain recovery outlook. Moody's (NYSE: MCO ) Ratings had downgraded Nissan's credit rating the previous week, while S&P Global Ratings has classified the carmaker as speculative grade since March 2023.
The downgrade by Fitch Ratings is a reflection of Nissan's consistently low profitability and a slower recovery pace than initially expected, according to a report by Fitch analysts led by Satoru Aoyama on Wednesday. The analysts anticipate that the carmaker's profitability will continue to face pressure over the next one to two years.
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