S&P assigns Hyundai Card notes BBB

Standard & Poor's said it assigned its BBB rating to the proposed senior unsecured notes to be issued by Hyundai Card Co. Ltd. (BBB/stable).

The rating on Hyundai Card reflects the company's very strong capitalization, strong support from major shareholder General Electric Capital Corp. (AAA/stable/A-1+), a customer base that spends above the industry average and a good business relationship with Hyundai Motor Co. (BBB-/stable), the agency said.

The rating is constrained by Hyundai Card's relatively weak market position, volatile earnings and high dependency on market-sensitive funding sources, S&P noted.

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