S&P rates Hyundai Motor notes BBB-

Standard & Poor's said it assigned a BBB- rating to the proposed senior unsecured notes due 2016 to be issued by Hyundai Capital America, which is 93% indirectly owned by Hyundai Motor Co.

The note is guaranteed by Hyundai Motor. The equalization of the rating reflects a view that the guarantee is unconditional and irrevocable, S&P said.

The rating is supported by the company's dominant position in the Korean automobile market, improving global market position and geographically diverse revenue base, the agency said.

The rating is constrained by the group's aggressive expansion strategy, a debt burden caused by large capital expenditures and unstable relationship with its workforce, S&P added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.