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S&P gives Hyundai bonds BBB
Standard & Poor's said it assigned its BBB rating to Hyundai Capital Services Inc.'s (BBB/stable/A-2) three-year ¥40 billion senior unsecured samurai bonds.
The rating on Hyundai is based on its position as the key captive financing arm of its parent Hyundai Motor Co. (BBB-/stable) and the ongoing support it is expected to receive from General Electric Capital Corp. (AAA/stable/A-1+), the agency said.
S&P noted that the ratings on Hyundai Capital Services and Hyundai Motor are closely linked, reflecting the strong business and operational ties between the two companies.
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