Moody's rates Hyundai notes Baa1

Moody's Investors Service said it assigned a Baa1 rating to Hyundai Capital Services, Inc.'s proposed dollar-denominated senior floating-rate notes to be drawn from its $5 billion global medium-term note program. The outlook is stable.

The proceeds of the notes will be used for general corporate purposes.

The agency said the rating reflects the company's close strategic business relationships with Hyundai Motor Co. and Kia Motor Co., good profitability and fair asset quality and leverage indicators that are better than those of peer global captive auto finance companies.

The rating also considers Hyundai Capital's modest liquidity profile, Moody's said.

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