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S&P lifts Hyundai Motor, Kia, Mobis
Standard & Poor's said it raised its long-term corporate credit and debt ratings on Hyundai Motor Co. (HMC) and Kia Motors Corp. to A- from BBB+.
At the same time, the agency raised its long-term corporate credit rating on Hyundai Mobis Co. Ltd. to A- from BBB+.
The outlooks are stable.
"The upgrades of HMC and subsidiary Kia reflect our expectations that both companies will maintain their global market positions," S&P analyst Sangyun Han said in a news release. "Given their improved brand and product quality over the past few years, we believe their recently announced capacity additions are likely to help them maintain their global market positions."
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