By on June 12, 2010

Wasn’t there a carmageddon? Forget about it! Nissan wants to be essentially debt free for the first time in three years in the fiscal year ending March 2011, says The Nikkei [sub]. Nissan’s net cash position gauge is expected to swing from $546m in the red to about $1b in the green.

That should do wonders to Nissan’s credit rating. Nissan is rated BBB by Standard & Poor’s, compared with AA for Toyota and A+ for Honda. Nissan will seek an A rating from S&P, something it has not seen since 1994.

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