Hyundai Glovis Upgraded to ‘AA+’ Corporate Credit Rating by Korea Investors Service
Hyundai Glovis announced on December 3 that its corporate credit rating, as evaluated by Korea Investors Service-one of the three major domestic credit rating agencies-has been upgraded by one notch from ‘AA’ to ‘AA+’.
In this latest ad hoc evaluation, Korea Investors Service highly rated Hyundai Glovis’s business expansion and strong financial soundness, awarding it an ‘AA+’ rating, which is just below the highest ‘AAA’ grade. The ‘AA+’ credit rating signifies that the company’s financial health is at a top-tier level.
Korea Investors Service cited improved operating performance driven by balanced sales growth across business segments as a key factor. The agency particularly highlighted the shipping business, stating, “This year, the profitability of the shipping division has significantly improved, boosting the overall profitability of the company.”
The agency added, “Despite increased investments to strengthen infrastructure competitiveness, Hyundai Glovis continues to maintain an exceptionally strong financial stability with a virtually debt-free structure. While funding needs are expected to grow, we believe the company will maintain its excellent financial stability by controlling borrowing burdens based on its liquidity and cash generation capacity.”
Recently, Hyundai Glovis has continued to receive high marks from both domestic and international credit rating agencies. Earlier this year, global credit rating agency Moody’s upgraded its credit outlook from ‘Stable’ to ‘Positive’.
In December of last year, Hyundai Glovis received an ‘AA+’ corporate credit rating from another domestic agency, Korea Ratings, and has also maintained a strong ‘AA’ rating from NICE Investors Service.
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A Hyundai Glovis representative stated, “We are ensuring the sustainability of our business based on financial soundness,” and added, “We will continue to strengthen our global competitiveness through responsible management and strategic execution, meeting the expectations of our shareholders and stakeholders.”
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