ThisreportdoesnotconstitutearatingactionWhat’sBehindOurDowngradeOfNissanMotorKatsuyukiNakai,Director,CorporateRatings,JapanHirokiShibata,SeniorDirector&AnalyticalManager,CorporateRatings,JapanMarch9,2023RatingAction:「BBB-/Negative」→「BB+/Stable」•DowngradedNissanMotortoBBcategoryforthefirsttimesince2002•AssignedStableoutlookontheratingforthefirsttimesinceMay2019•SinceJuly2020,wereflectedintoourratingtheprospectthatitsprofitabilitywillrecovertothelevelofsimilarlyratedglobalpeerswithinonetotwoyears.•Thebusinessenvironmentintheglobalautomotiveindustrywilllikelyremaindifficultoverthenextonetotwoyears,becauseofprolongedsupplychaindisruptions,highcosts,...