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Moody's: No change for Nissan
Moody's Investors Service said the strategic cooperation announced between Nissan Motor Co., Ltd. (Baa2 with stable view), Renault SA (Ba1 with stable view), and Daimler AG (A3 with negative view) will initially be neutral for Nissan's credit rating, given its investment will not be significant.
The cooperation has the potential to provide various benefits to Nissan, but only over time, the agency said.
The strategic cooperation will include cross-share holdings between the three companies, Moody's said. Nissan and Renault will each own 1.55% of Daimler, while Daimler will own 3.1% of both Nissan and Renault. Nissan's stake in Daimler will be worth ¥74.1 billion, equivalent to just 2.2% of Nissan's equity as of December 2009, the agency said.
Moody's said it will monitor closely the progress of their cooperation and its effects on earnings.
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