TOKYO (AP) - Moody's has upgraded the long-term credit rating of Nissan Motor Co., saying that the automaker's lineup of new models and its global strategy should help sustain a strong financial performance.
Moody's said Thursday that the rating for Nissan and its subsidiaries was raised to A3 from Baa1 with a stable outlook. It said Nissan's success in increasing its global market share and raising its profit margins were behind the upgrade.
But it cautioned that the Japanese automaker faces an increasing competitive challenge. Other Japanese automakers and Nissan's U.S. rivals are also pursuing aggressive expansion in China, the world's biggest auto market.
Nissan, which is allied with France's Renault, faced production disruptions from the earthquake and tsunami in northeastern Japan last year. The automaker has quickly bounced back.
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