S&P gives Hyundai Capital bond BBB

Standard & Poor's said it assigned its BBB rating to Hyundai Capital Services Inc.'s (HCS, BBB/stable/A-2) proposed ¥30 billion Samurai bond due 2009.

S&P said the rating on HCS is based on its position as the key captive financing arm of its parent, Hyundai Motor Co. (BBB-/stable) and the expected ongoing support from its part-owner General Electric Capital Corp. (AAA/stable/A-1+).

The ratings on HCS and Hyundai Motor are closely linked, reflecting the strong business and operational ties between the two companies, the agency noted.

The agency added the stable outlook on HCS reflects the expectation that the company's financial profile will continue to improve over the next few years.

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