April 10, 2024 15:36 GMT
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.
65 words