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Moody's rates Hyundai notes Baa1
Moody's Investors Service said it assigned a Baa1 rating to the senior notes issued by Hyundai Capital America. The outlook is stable, reflecting the stable outlook for parent company Hyundai Motor Co. (Baa1).
Proceeds will be used for general corporate purposes.
The agency said it rated the notes Baa1 based on the strong support Hyundai Capital America receives from Hyundai, Hyundai Capital America's standalone credit characteristics and the senior priority of the notes in Hyundai Capital America's capital structure.
Hyundai Capital America's ratings also reflect its close strategic business and funding relationships with Hyundai as well as profitability, asset quality and leverage indicators that are comparable to peer captive auto finance companies operating in the United States, Moody’s said.
The ratings also consider Hyundai Capital America's high-growth strategy, resulting in somewhat higher leverage, and improved but still evolving liquidity profile, the agency said.
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