Fitch ups Hyundai, Kia view to positive

Fitch Ratings said it revised the outlook on Hyundai Motor's and Kia Motors' foreign-currency long-term issuer default ratings to positive from negative and affirmed their ratings at BB+. The agency also said it affirmed the BB+ rating on both companies' senior unsecured debt and the short-term issuer default rating at B.

The companies' have shown robust growth in sales and gained market share in major markets year to date, Fitch said, despite the onslaught of one of the most serious downturns in auto industry's history last year.

Their competitiveness in smaller fuel efficient cars, well diversified geographical sales base, improving brand equity and product cycle were the key factors underpinning their success, the agency said.

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