Moody's confirms Mitsubishi Motors

Moody's Investors Service said it confirmed the Ba3 long-term debt ratings of Mitsubishi Motors Corp. and its supported subsidiaries, Mitsubishi Motors Credit of America Inc. and MMC International Finance (Netherlands) BV.

The outlook is negative.

Moody's said the confirmation of the Mitsubishi Motors Corp.'s rating considers the Mitsubishi Group's support of the company, as evidenced by its leading a new capital injection of ¥496 billion - and Moody's expectation that, despite substantial challenges, the company has the potential to revive its competitiveness in the intermediate term by implementing the operational objectives of its three-year business plan.

These include plant closures, workforce reductions, developing new product models and reducing debt using the new capital. The rating actions conclude the review of Mitsubishi Motors Corp.'s ratings that began on April 23.

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