S&P raises Hyundai Capital to A-

Standard & Poor's said it raised its long-term issuer credit rating and issue rating on Hyundai Capital Services Inc. to A- from BBB+.

At the same time, the agency affirmed the short-term issuer credit rating and issue rating at A-2. It also raised the Asean regional scale issue rating to axAA from axAA-.

The outlook on the long-term issuer credit rating is stable.

In addition, S&P affirmed its long-term issuer credit rating on Hyundai Card Co. Ltd. at BBB.

S&P said the actions follow the upgrade of majority shareholder Hyundai Motor Co. (HMC; A-/stable/--). The agency upgraded HMC to reflect its expectations that HMC and its subsidiary, Kia Motors Corp., will maintain their global market positions.

The Hyundai Capital upgrade mirrors the upgrade of HMC. Under S&P’s group rating methodology criteria, the ratings on a "core" subsidiary are equalized to that on its parent. The agency believes Hyundai Capital will remain a "core" subsidiary within the Hyundai Motor group, and regards Hyundai Capital as an integral part of the group.

S&P expects that the group will likely provide support to Hyundai Capital under any foreseeable circumstances.

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