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S&P ups Hyundai
Standard & Poor's said it raised to BBB from BBB- the long-term corporate credit ratings of Hyundai Motor Co., Kia Motors Corp., Hyundai Mobis Co. Ltd. and Glovis Co. Ltd.
The agency also said it raised to BBB from BBB- the ratings on two Hyundai Motor guaranteed senior bonds.
The outlooks are stable.
The upgrades of both Hyundai Motor and Kia, the ratings on which are equalized due to their close shareholdings and strong business integration, reflect a significant fall in debt levels as a result of the companies' stronger-than-expected operating performance and reduced inventories, S&P said.
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