S&P gives Hyundai notes BBB-

Standard & Poor's said it assigned a BBB- rating to the proposed senior unsecured notes due 2015 to be issued by Hyundai Motor Manufacturing Czech sro, which is wholly owned and guaranteed by Hyundai Motor Co.

The equalization of the rating on the notes with the ratings on Hyundai Motor reflects a view that the guarantee is unconditional, irrevocable and timely, S&P said, and therefore qualifies for substitution treatment.

The rating is supported by the company's dominant position in the Korean automobile market, its improving global market position and its 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 an unstable relationship with its workforce.

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