Moody's cuts Nissan corporate family rating to Ba2

Global ratings agency Moody's on Friday cut

's corporate family rating to Ba2 from Ba1, as the embattled Japanese automaker seeks to push through a turnaround.

The outlook remains negative, Moody's said.

"The downgrade reflects the deterioration and expectation for continuing weakness in Nissan's credit profile, most notably in its automotive free cash flow and EBIT margin," Dean Enjo, Moody's ratings vice president and senior analyst, said in a statement.

Japan's third-biggest automaker last month unveiled sweeping new cost cuts, saying it would reduce its workforce by around 15% and cut production plants to 10 from 17 globally, as performance in its key markets continues to come under pressure.