WRAPUP 2-Honda cuts more production, Nissan ratings lowered

viernes 21 de noviembre de 2008 10:49 CET

* Honda reduces production in three continents

* Fitch cuts Nissan ratings, outlook negative

* Honda shares up 2.3 pct, Nissan up 6.1 pct before news (Adds Moody's outlook change on Nissan, other details)

By Chang-Ran Kim, Asia autos correspondent

TOKYO, Nov 21 (Reuters) - Honda Motor Co (7267.T: Cotización) said it would build fewer cars in Japan, Europe and North America to reflect an increasingly bleak outlook for sales as the global economic crisis discourages big-ticket purchases.

The severe and deepening downturn in demand is threatening the future of Detroit's Big Three -- General Motors (GM.N: Cotización), Ford Motor (F.N: Cotización) and Chrysler LLC [CBS.UL] -- who are now seeking government support. [ID:nN20421931]

But no automakers have been spared and Asian rivals have been rushing to cut costs and avoid inventories building further.

On Friday, Fitch Ratings downgraded the long-term debt ratings of Nissan Motor Co (7201.T: Cotización) to BBB-plus from A-minus, assigning a negative outlook citing its dependence on the flagging U.S. market. [ID:nWNA0016]

Honda, Japan's No.2 automaker, said it would cut output at its Saitama factory near Tokyo by 40,000 vehicles due to slow sales of Accord sedans, mainly bound for North America and Europe.   Continuación...