Moody’s alters Hyundai view to negative

Moody’s Investors Service said it revised the outlook to negative from under review and confirmed the Baa1 issuer ratings of Hyundai Motor Co., Kia Motors Corp. and Hyundai Mobis Co., Ltd., as well as the Baa1 senior unsecured rating of Kia.

These rating actions conclude the reviews for downgrade initiated started in late March, Moody’s said.

“The negative outlook on HMC reflects the potential for the company’s operating performance to remain weak over an extended period, given the uncertainty over the severity and duration of the coronavirus pandemic and the ongoing challenges in the global auto industry,” the agency said in a press release.

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