TOKYO (Reuters) - Global ratings agency Moody's on Friday cut Nissan Motor Co Ltd's ( NSANF ) 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 ( NSANF ) 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.