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Moody's rates Hyundai Capital notes Baa1
Moody's Investors Service said it assigned a Baa1 rating to the senior unsecured notes issued by Hyundai Capital America.
The fixed-rate notes were issued in two tranches that mature in February 2017 and February 2019.
The outlook for the ratings is stable, reflecting the stable outlook for Hyundai Capital's parent, Hyundai Motor Co. (Baa1 issuer rating).
Moody's said it rated Hyundai Capital's notes Baa1 based on the strong support it receives from Hyundai Motor, its stand-alone credit characteristics and the senior priority of the notes in Hyundai Capital's capital structure.
Proceeds will be used for general corporate purposes.
The notes benefit from a strong support agreement between Hyundai Capital and Hyundai Motor that establishes minimum parental ownership, net worth and fixed charge coverage of Hyundai Capital, Moody's said. Hyundai Capital creditors have the right to claim directly against Hyundai Motor for performance of its obligations under the support agreement.
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