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Fitch affirms Hyundai Motor and Kia at BBB+
Fitch said it affirmed Hyundai Motor Co.’s (HMC) and its subsidiary Kia Motors Corp.’s long-term foreign-currency issuer default ratings at BBB+ with a stable outlook.
Fitch also affirmed the companies' senior unsecured ratings at BBB+ and short-term foreign-currency IDRs at F2. The ratings on notes issued by HMC's subsidiary, Hyundai Capital America, have also been affirmed at BBB+.
“The ratings and Outlooks on HMC and Kia are supported by the companies' solid financial profiles and well-diversified sales and product portfolios. Fitch has also taken into account the companies' near-term profitability pressure and higher capex, which has reduced rating headroom,” Fitch said in a news release.
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