Nissan Motor Co., Ltd.: Rating Report

On September 13, 2018, DBRS Limited (DBRS) upgraded the long-term ratings of Nissan Motor Co., Ltd. (Nissan or the Company) and its subsidiary, Nissan Canada Financial Services Inc., to “A” from A (low). Concurrently, DBRS confirmed the Commercial Paper ratings of Nissan Canada Financial Services Inc. at R-1 (low). The trend on the long-term ratings has been changed to Stable from Positive. The (long-term) ratings upgrade considers the Company’s solid business risk assessment as a global automotive original equipment manufacturer (OEM) with a meaningful presence in all major automotive markets, further bolstered by the Renault-Nissan-Mitsubishi Alliance (the Alliance). DBRS also acknowledges that the Company’s financial risk assessment (FRA) is commensurate with the newly upgraded ratings, notwithstanding a moderate softening in Nissan’s recent earnings performance (as anticipated by DBRS), with credit metrics remaining at strong levels as a result of the Company’s very conservative financial policy.