Fitch boosts Hyundai, Kia

Fitch Ratings said it upgraded the foreign-currency long-term issuer default ratings and senior unsecured debt ratings of Hyundai Motor and Kia Motors to BBB- from BB+, along with the their foreign-currency short-term issuer default ratings to F3 from B.

The outlook is stable.

The upgrades reflect an expectation of improvement in credit metrics and profitability, Fitch said.

Hyundai and Kia continue to show robust growth in sales and market share gains in major markets, the agency said, and also are poised to benefit from the expected recovery in the global auto market, driven by modest recovery in the U.S. market and continued strength in emerging markets such as China and India.

Fitch noted that their performances were partially helped by a weak currency.

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