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## Credit rating 

Nissan’s long-term credit rating with R&I is A with a positive outlook. S&P’s long-term credit rating for Nissan is BBB+ with a stable outlook. Nissan’s rating with Moody’s is A3 with a stable outlook. 

## CORPORATE RATINGS 

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## Sales finance 

Due to the increase in retail sales, total financial assets of the sales finance segment increased by 13.6 % to 5,014.9 billion yen from 4,414.3 billion yen in fiscal 2011. The sales finance segment generated 140.1 billion yen in operating profits in fiscal 2011 from 100.4 billion yen in fiscal 2010. 

## Investment policy 

Capital expenditures totaled 406.4 billion yen, which was 4.3% of net revenue. Despite the natural disaster, the company used capital expenditures in order to ensure Nissan’s future competitiveness. 

R&D expenditures totaled 428 billion yen. These funds were used to develop new technologies and products. One of the company’s strength is its extensive collaboration and development structure with Renault’s R&D team, resulting from the Alliance. 

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