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Moody's changes Nissan's outlook to negative, affirms Baa3 ratings

BY Reuters | CORPORATE | 03:26 AM EST

TOKYO, Nov 28 (Reuters) - Moody's Ratings changed Nissan Motor's (NSANF) credit outlook to negative from stable while affirming its Baa3 ratings, taking into account the Japanese carmaker's worsening free cash flows from struggling businesses.

Nissan (NSANF) earlier this month announced plans to axe 9,000 jobs and 20% of its manufacturing capacity globally to cut costs following sales slumps in China and the United States.

"The negative outlook also reflects the potential for further downside over the next 12-18 months, notably in the company's execution of its new restructuring plan and launch of new models," Moody's Ratings Senior Analyst Dean Enjo said in a statement.

(Reporting by Kantaro Komiya; editing by Christina Fincher)

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