S&P: Hyundai outlook negative

Standard & Poor's said it affirmed the BBB- long-term corporate credit ratings on Hyundai Motor Co., Kia Motors Corp., Hyundai Mobis Co. Ltd. and Glovis Co. Ltd. and revised the outlook to negative from stable.

The outlook revisions reflect the deterioration in global automobile markets and growing uncertainty about the economic outlook, the agency said.

Ratings reflect the dominant position both companies hold in the Korean automobile market, their improving global market position, their geographically diverse revenue base and their favorable cost position, S&P said.

Ratings are constrained by the group's aggressive expansion strategy, an increasing debt burden caused by large capital expenditures and unstable relationships with their respective workforces, the agency noted.

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