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Nissan (Baa3/BB+): Bloomberg Highlighting Low Margins

CONSUMER CYCLICALS
  • We have previously flagged Nissan as tight vs Ford (Ba1/BBB-) curve; last rating action was S&P downgrade, while Ford had an upgrade from Moody’s.
  • Nissan continues to face competitive pressure in key markets and has an ambitious investment program to fund.
  • Now trading wide to Ford from through earlier this year. Pricing seems fairer now.

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