RNS Number:9825R
Mitsubishi Motors Corporation
12 November 2003


Issuer: Mitsubishi Motors Corporation (securities code no.: 7211)

JCR has downgraded the ratings on senior debts, shelf registration, Euro Medium 
Term Note Programme and CP program of the issuer from #BBB-, preliminary #BBB-, 
#BBB- and #J-2 to #BB+, preliminary #BB+, #BB and #J-3, respectively.

senior debts

Shelf Registration:

     Maximum: Y250 billion 
     Valid: two years from May 22, 2002

CP:

     Maximum: Y250 billion 
     Backup Line: 0%

Euro Medium Term Note Programme:

Issuers: Mitsubishi Motors Corporation, Mitsubishi Motors Credit of 
America,  Inc. and MMC International Finance (Netherlands) B.V.

     Maximum: equivalent of US$4 billion
     Maturities: 1 month - 30 years
     Note: Keep Well Agreement has been entered into between each of the
     subsidiaries and the parent company.



* Mitsubishi Motors Corporation (MMC) announced yesterday the downward revision
of forecasts of performance for fiscal 2003 due primarily to deterioration in
earnings from operations in North America. JCR pointed out before in July this
year when MMC announced the downward revision of the earnings forecasts for 
fiscal 2003 that MMC would have to tackle difficult job of trade-off between the 
cutback on auto loans business and the sustaining of sales volume in quantity in 
North America and that it was uncertain that MMC could restore the earnings 
rapidly in the 2nd half of the fiscal year as planned. MMC planned to turn the 
domestic passenger car business into the black within a period in which business 
in North America is good under the Turnaround restructuring plan. Although MMC 
reduced the costs earlier than planned, business in North America is expected to 
incur an operating loss even without taking into account the temporary costs for 
additional loan loss reserves for auto loans business. The plan of turning of 
domestic business into the black was postponed to a year ahead (fiscal 2006). 
JCR downgraded the ratings for MMC, given the sharp drop in the earnings power.  
It keeps Credit Monitor to examine carefully how MMC can rehabilitate the 
business in Japan and North America. The notching of the Euro Medium Term Note 
Programme reflects the recovery risk.


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            The company news service from the London Stock Exchange

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