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(Bloomberg) -- Nissan Motor Co.’s credit-default swaps widened to the most among Japanese companies, overtaking both Rakuten Group Inc. and SoftBank Group Corp. after its consolidation talks with Honda Motor Co. were terminated.

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Nissan’s five-year CDS is about 216 basis points, SoftBank is around 210 basis points and Rakuten is about 201 basis points, according to CMA data compiled by Bloomberg on Feb. 17.

Nissan’s topped the Japan CDS rankings at a time when Rakuten’s spreads tightened on the back of improved earnings from its mobile operations and SoftBank’s project finance plan helped ease pressure on its credit metrics. Nissan’s credit spread may continue to fluctuate due to uncertainty over its independent restructuring and the emergence of new partners.

Nissan and Honda announced on Feb. 13 that they were ending discussions on a business integration, although a report has emerged since then there is a willingness to resume talks. Rating and Investment Information Inc. downgraded Nissan’s credit rating on Feb. 14, adding to pressure on its swaps spread.

Japan Credit Rating Agency Ltd. downgraded Nissan’s rating to A- from A on Tuesday. It’s highly likely Nissan will take time to significantly improve its earnings power, given sales remain sluggish in the US and China markets and restructuring is still in progress, JCR said.

--With assistance from Ken McCallum.

(Updates with JCR’s downgrade in fifth paragraph.)

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