---
endpoint: analytics
pattern: 01 · Coverage lookup
status: done
latency_ms: 155966
conversation_id: 9e4828f7-6b4d-4812-b6cd-dddcea26d92a
citations: 0
created: 2026-05-31 16:49:08Z
---

# Show me the last three downgrades in Japan auto.

## CLSA Japan Auto — Last Three Rating Downgrades

CLSA's three most recent rating-action downgrades on Japan auto names (in reverse chronological order):

| # | Date | Stock | Rating Change | TP Change | Driver |
|---|------|-------|---------------|-----------|--------|
| 1 | **2 Apr 2025** | **Mitsubishi Motors (7211 JP)** | HLD → **U-PF** | ¥400 → **¥330** (~19% downside) | "Big gulp" — no US production to offset Trump tariffs; MMC is the most US-exposed Japanese automaker without local production, so it must swallow tariffs rather than fully pass through. CLSA expects MMC to intentionally lower US volumes to avoid operating losses while keeping a toehold [1][2]. |
| 2 | **3 Feb 2025** | **Mitsubishi Motors (7211 JP)** | O-PF → **HLD** | ¥560 → **¥400** | "Sudden tumble" — unexpectedly steep fall in 3QFY3/25 profits, well below Street, with full-year guidance cut. Forex and inventory clearance were the main culprits [3]. |
| 3 | **11 Nov 2024** | **Isuzu Motors (7202 JP)** | O-PF → **HLD** | ¥1,950 → **¥1,700** (~9% downside) | Weak 2QFY3/25 — steep OP decline missed Street and Isuzu cut guidance during market hours (stock -5%). Continued weakness in Thai light commercial vehicles plus unexpected softness in Japan commercial vehicles [4]. |

**Prior to those (for context):**
- **25 Jul 2024 — Nissan (7201 JP)**: O-PF → U-PF; TP ¥675 → ¥410 ("Wipeout" — 1QFY3/25 OP virtually wiped out, FY3/25 guidance cut) [5][6].

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## Related — Credit rating downgrades (separate from CLSA rating actions)

If you meant *credit* rating actions on a Japan auto name, all three majors cut Nissan in a tight sequence in early 2025:

- **10 Mar 2025 — S&P** cuts Nissan to **'BB'** (speculative grade); "prospects for a fast improvement in Nissan Motor's automotive business to levels comparable with similarly rated peers' are now remote" [7].
- **27 Feb 2025 — Fitch** downgrades Nissan issuer rating to **BB+**, leaving all three overseas agencies treating Nissan debt as speculative grade [8].
- **~24–25 Feb 2025 — Moody's** had already cut Nissan to junk earlier in the same week, with Fitch and S&P then joining [8].

(JCR and R&I had cut their Nissan ratings the week prior.)

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**Sources**
[1] *Big gulp (Mitsubishi Motors)* — CLSA (2 Apr 2025) — 607954901LinqAlpha.PDF
[2] *Cutting target, downgrading to Underperform (Mitsubishi Motors)* — CLSA (2 Apr 2025) — 607954901LinqAlpha.PDF
[3] *Sudden tumble (Mitsubishi Motors)* — CLSA (3 Feb 2025) — 607949566LinqAlpha.PDF
[4] *Weak results in Thailand and elsewhere lead to miss; downgrade to Hold (Isuzu)* — CLSA (11 Nov 2024) — 607944025LinqAlpha.PDF
[5] *Wipeout (Nissan)* — CLSA (25 Jul 2024) — 607934618LinqAlpha.PDF
[6] *Assuming derating continues; target and rating cut (Nissan)* — CLSA (25 Jul 2024) — 607934618LinqAlpha.PDF
[7] *Gaining traction — S&P cuts Nissan credit rating to 'BB'* — CLSA (10 Mar 2025) — 607952644LinqAlpha.PDF
[8] *Gaining traction — Fitch downgrades Nissan* — CLSA (27 Feb 2025) — 607951719LinqAlpha.PDF

