Moody's lowers Hyundai Glovis view to negative

Moody's Investors Service said it changed the outlook on Hyundai Glovis Co., Ltd. to negative from stable.

Moody's also said it affirmed the company's Baa1 issuer rating.

The outlook revision follows a similar change in outlook to Hyundai Motor Co.

Hyundai Glovis's credit quality is closely linked to that of the Hyundai Motor group, the agency explained.

The ratings benefits from the company's high operational stability, stemming in turn from large captive demand from the Hyundai Motor group and its low-risk business model, Moody's said.

The ratings also consider a one-notch uplift based on the high willingness and financial capability of the Hyundai Motor Group companies to provide financial support in case of need, the agency said.

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