Fitch changes Hyundai, Kia views

Fitch Ratings said it revised the outlooks on Hyundai Motor Co. and subsidiary Kia Motors Corp. to negative from stable.

The long-term issuer default ratings were affirmed at BBB+.

“The negative outlook reflects concerns that the ongoing coronavirus pandemic will have negative impact on the company's operating performance and financial profile, especially in 2020, and delay the recovery in the company's profitability,” the agency said in a news release.

“It also reflects the uncertainties regarding the length and magnitude of the expected downturn in the global automobile industry.”

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