S&P ups Hyundai, Kia

Standard & Poor's said it raised to BBB+ from BBB its long-term corporate credit and debt ratings on Hyundai Motor Co., Kia Motors Corp., Hyundai Mobis Co. Ltd. and Hyundai Glovis Co. Ltd.

The debt upgrade includes raising the ratings on Hyundai Motor's guaranteed senior unsecured bonds to BBB+ from BBB. The outlooks on the long-term corporate credit ratings are stable.

S&P said the upgrades of both Hyundai Motor and Kia, whose ratings are equalized due to their close shareholdings and strong business relationship, reflect the agency's view that the companies are likely to maintain their sound financial risk profiles based on a stronger competitive position in the global auto industry and improved profitability.

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