Moody's confirms Glovis

Moody's Investors Service said it confirmed Glovis Co. Ltd.'s Baa3 issuer rating.

The outlook is negative.

This concludes a review that began in January and follows the confirmation of Hyundai Motor Co.'s Baa3 rating with a negative outlook.

The confirmation reflects the close linkage of ratings between Glovis and Hyundai Motor given the former's high dependence on the latter for revenue and operational support, Moody's said.

While the company's revenue growth may slow down significantly in 2009 given the challenging operating environment surrounding both Hyundai Motor and Kia Motors Corp., Moody's said it believes its debt-to-EBITDA of about 2.5x remains appropriate for the Baa3 rating.

The negative outlook for Glovis is in line with that of Hyundai Motor.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.