Moody's Ratings (Moody's) has downgraded all the ratings of Nissan Motor Acceptance Company LLC (NMAC), including its backed senior unsecured rating to Ba1 from Baa3, backed senior unsecured MTN program rating to (P)Ba1 from (P)Baa3, and backed commercial paper rating to Not Prime from Prime-3. NMAC...
Climate change risk already affects the major automotive issuers we rate; essentially all automotive original equipment manufacturers (OEMs) have made substantial investments as they shift to electric vehicle (EV) production and away from internal combustion engine vehicles. In the near term, our outlook for the sector is neutral, with company credit profiles supported by reasonable profitability, robust liquidity positions, and conservative financial postures. Over the longer term, this EV tr...
On September 9, 2022, DBRS Limited (DBRS Morningstar) changed the trends on the Issuer Rating and Senior Unsecured Debt rating of Nissan Motor Co., Ltd. as well as the Senior Unsecured Debt rating of its subsidiary, Nissan Canada Inc., to Stable from Negative while confirming these ratings at BBB (low). The trend changes reflect the moderately improving operating performance (albeit from weak levels) of the Company.
Rating Action: Moody's affirms at Baa3 Nissan Motor Acceptance's long-term senior unsecured ratings; changes outlook to stable from negative. Global Credit Research- 13 Dec 2021. New York, December 13, 2021-- Moody's Investors Service has affirmed all the ratings for Nissan Motor Acceptance Company LLC, including its Baa3 long-term senior unsecured ratings and its Prime-3 backed commercial paper rating.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Nissan Motor Acceptance Corporation. Global Credit Research- 18 Jun 2021. New York, June 18, 2021-- Moody's Investors Service has completed a periodic review of the ratings of Nissan Motor Acceptance Corporation and other ratings that are associated with the same analytical unit.
>Top 5 car market in Europe: growth comes from all markets - New car registrations in the Top 5 Europe market (> 70% of EU+EFTA volumes) rose +28.1% in August, i.e. +4.3% YTD. Growth came from all countries: +48.7% in Spain, +40% in France, +24.7% in Germany, +23.1% in UK and 9.5% in Italy.The number of days worked was up by 1 day in France and in the UK and by 2 days in Spain and in Italy (stable in Germany);All markets benefited to a very large extent from...
>Marché VP Top 5 Europe : la croissance vient de tous les marchés - En août, les immatriculations sur le Top 5 Europe (> 70% des volumes EU+EFTA) ont augmenté de +28.1%, soit de +4.3% YTD. La croissance vient de tous les marchés : +48.7%/Espagne, +35.1%/France, +24.7%/Allemagne, +23.1%/ UK et 9.5%/Italie;Le nombre de jours ouvrés est en hausse de 1 jour en France et au UK et de  2 jours en Espagne et en Italie (stable en Allemagne);Tous les marchés ont mass...
There is plenty of justification for defensives leading the market (cyclical erosion in H1, political and trade risk). However, as cyclical indicators have stopped worsening, the defensive/cyclical spread has largely stabilised since the start of July. Although it is probably too early to come back to cyclicals, we can see a pro-cyclical stance emerging (after the US midterms), based on: 1/ the macroeconomic situation; 2/ congestion in the defensive sphere; 3/ the materialisation of r...
Les raisons du leadership défensif abondent (érosion cyclique au S1, risque politique et commercial). Pour autant, alors que les indicateurs cycliques cessaient de se dégrader, le spread défensif-cyclique s’est peu ou prou stabilisé depuis début juillet. S’il est probablement trop tôt pour revenir sur les cycliques on peut entrevoir l’émergence (post mid terms US ?) d’un discours pro cyclique s’appuyant sur 1/ la macro, 2/ l’encombrement de l’espace défensif, 3/ la « rÃ...
>Car market in Germany: +24.7% in August, +6.4% YTD - Car registrations rose 24.7% in August to 316.4k units, i.e., +6.4% YTD.This growth is probably linked to the entry into force of the new WLTP testing procedure on 1 September.There were big differences in the performances of the various carmakers, probably reflecting their differentiated commercial strategies in the run-up to WLTP.For 2018, we forecast a contraction in sales of around 2.5%....
>Car market in Italy: +9.5% in August, -0.1% YTD - Car registrations were up 9.5% in August to 91.6k units, down -0.1% YTD.This growth was probably linked to the entry into force of the new WLTP testing procedure on 1 September; this trend is nonetheless less marked than in other European markets (+40% in France; +48.7% in Spain).There were big differences in the performances of the various carmakers, probably reflecting their differentiated commercial strat...
>Marché VP italien : +9.5% en août soit -0.1% YTD - Les immatriculations sont en hausse de 9.5% en août à 91.6 k-unités, soit en baisse de -0.1% YTD.Cette croissance est sans doute liée à l’entrée en vigueur de la nouvelle procédure de test WLTP au 1er septembre. Cette tendance est néanmoins nettement moins marquée que dans les autres marchés européens (+40% en France ; +48.7% en Espagne).Forte disparité dans les performances par constructeur, reflétant sans...
>Marché VP allemand : +24.7% en août, +6.4% YTD - Les immatriculations VP sont en hausse de 24.7% en août à 316.4 k-unités, soit +6.4% en YTD.Cette croissance est sans doute liée à l’entrée en vigueur de la nouvelle procédure de test WLTP au 1er septembre.Forte disparité dans les performances par constructeur, reflétant sans doute des stratégies commerciales différenciées à l’approche du WLTP.Pour 2018, nous tablons sur une croissance des ventes de l’or...
>Robust growth of the market (cars and light commercial vehicles) in August on a traditionally weak base: +35.1% in August, +8.4% YTD - Passenger cars: +40% in August to 150.4k units, +8.9% YTD (+40% in August and +8.2% YTD on a comparable number of trading days).Light commercial vehicles: +12.6% in August to 26.3k units, +5.7% YTD (+12.6% in August and +5.1% YTD on a comparable number of trading days).Growth reflected the entry into force from 1 September o...
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