Moody's ups Kia Motors

Moody's Investors Service said it upgraded Kia Motors Corp.'s corporate family rating to Baa3 from Ba1 and withdrew the rating. Moody's also assigned Kia a Baa3 issuer rating.

This concludes a review for possible upgrade that began in August.

The outlook is stable.

The upgrade mainly reflects a one-notch upgrade of Kia's standalone rating to Ba2 from Ba3 and ongoing two-notch uplift from the high likelihood of parental support from Hyundai Motors Co., Moody's said.

The upgrade also considers a rapid improvement in Kia's competitive position and financial profile, underpinned by the success of its new models, the agency said.

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