Fitch views Hyundai Motor positively

Fitch Ratings said it revised the outlook on Hyundai Motor Co. and its subsidiary, Kia Corp., to positive from stable, while affirming the auto manufacturers' long-term issuer default ratings and senior unsecured ratings at BBB+.

The positive outlook reflects their improving product mix and stronger position in key markets, the agency said.

“We expect HMC and Kia to continue to show robust operating performance and profitability in 2023. We expect margins to come under pressure on lower net pricing in key markets such as the U.S. and slightly stronger Korean won assumptions, but to remain higher than in 2022 when they posted strong earnings growth despite muted demand and additional provision costs of KRW 2.9 trillion,” the agency said in a press release.

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