Hyundai Capital, Fitch Credit Rating Upgraded... 'BBB+' to 'A-'

"Result Highlighting Hyundai Motor Group's Role as a Core Financial Company"

Hyundai Capital announced on the 5th that the global credit rating agency Fitch has upgraded its credit rating from BBB+ (positive) to A- (stable). Following Moody's last month, Fitch also raised the credit rating, resulting in Hyundai Capital's credit rating being upgraded by two of the world's top three credit rating agencies.

On the 16th of last month, Fitch assigned an A rating to Hyundai Motor and Kia, and subsequently upgraded Hyundai Capital's credit rating to the same level. Fitch stated, "Based on the strong linkage between Hyundai Motor Group and Hyundai Capital, we assign the same rating to Hyundai Capital as its parent company," adding, "Hyundai Capital is strengthening its asset portfolio centered on captive (company-operated) auto financing, securing outstanding asset soundness and stable liquidity."

Hyundai Capital is a captive finance company that provides financial services optimized for Hyundai Motor Group's automotive products. Hyundai Motor (59.7%) and Kia (40.1%) hold a combined 99.8% stake.

Lee Hyung-seok, Chief Financial Officer (CFO) of Hyundai Capital, said, "Following Moody's last month, Fitch's upgrade of Hyundai Capital's credit rating to A reflects the company's shining role as a core financial firm of Hyundai Motor Group," and added, "It externally demonstrates our fundamentals despite significant market volatility."

[Photo by Hyundai Capital]

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