Nissan Motor Co., Ltd.: Credit Rating Report

On May 23, 2025, DBRS Limited (Morningstar DBRS) downgraded Nissan Motor Co., Ltd.'s (Nissan or the Company) Issuer Rating to BB from BBB (low). Additionally, pursuant to its "Morningstar DBRS Global Corporate Criteria/Recovery Ratings for Non-Investment-Grade Corporate Issuers" (February 3, 2025), Morningstar DBRS also downgraded the instrument rating on Nissan's Senior Unsecured Debt to BB from (BBB (low)) with a recovery rating of RR4. Concurrently, Morningstar DBRS downgraded Nissan Canada Inc.'s Senior Unsecured Debt credit rating to BB (from BBB (low)) with a recovery rating of RR4. The trend on all credit ratings is Negative. With these rating actions, Morningstar DBRS removed Nissan's credit ratings from Under Review with Negative Implications, where they were placed on February 25, 2025.