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Bond Market News
Nissan Motors Downgraded to BB- by S&P
November 17, 2025
Nissan Motors was downgraded by a notch to BB- from BB by S&P. The downgrade reflects continued weak profitability, rising tariff costs, and declining sales. S&P expects Nissan’s financial recovery to be slow, with automotive free operating cash flow likely to remain negative for the next 1–2 years, despite ongoing restructuring. EBITDA margins are projected to improve only modestly, to about 3% by fiscal 2027, and remain well below peers like Renault, Volvo, and Mitsubishi. Nissan’s financial position has weakened, with net cash in the automotive division falling to JPY 1tn ($6.5bn) as of September 2025 from JPY 1.5tn ($9.7bn) in March 2025. While the company’s recent JPY 860bn ($5.6bn) bond issuance and conservative financial approach provide some support, S&P sees ongoing pressure from investment needs and competitive challenges. The company was downgraded by all three rating agencies, Moody’s, S&P and Fitch earlier this year.
Nissan’s bonds traded stable with its 5.55% 2029s at 99.1 cents on the dollar, yielding 5.82%.
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