Hyundai Motor Welcomes Fitch Ratings' Upgrade to A-

February 16, 2024 08:24 PM AEDT | By Cision

Hyundai Motor Welcomes Fitch Ratings' Upgrade to A- — Image source: Kalkine Media

Recent News

S&P/ASX 200 Closes Higher Backed by Gains in Energy, Tech, and Industr...

Market Sentiment Rises as Policy Shift Talk Calms Volatility in ASX St...

S&P/ASX 200 Climbs with Energy, Tech, and ASX Financial Stocks in Focu...

ASX Mining Stocks in Focus Amid Broad Market Rally and Tariff Developm...

SEOUL, South Korea, Feb. 16, 2024 /PRNewswire/ -- Hyundai Motor Company today welcomed Fitch Ratings' (Fitch) upgrade of the company's Long-Term Issuer Default Ratings (IDRs) and senior unsecured ratings to A- with a stable outlook from a previous rating of BBB+.

The rating upgrade reflects the continued improvement in Hyundai Motor's brand strength and market position in key markets, Fitch said in its report. Geographical and product diversification as well as improved profitability and cash generation, and large liquidity buffers were also taken into consideration, it added.

"We are pleased to see the recent upgrades by major global credit rating agencies," said Seung Jo Lee, Senior Vice President, CFO and Head of Planning & Finance Division at Hyundai Motor Company. "Hyundai will continue to enhance financial soundness, while further strengthening our global competitiveness and profitability."

Furthermore, Fitch cited that the A- rating reflects Hyundai Motor's steadily improving business profile in recent years. Fitch also outlined how the brand's key market positions have been improved, with robust market position in the electric vehicle (EV) segment in the US and Europe.

Hyundai Motor also received an upgrade of the company's corporate rating to A3 with a stable outlook from Moody's Investors Service last week.

About Hyundai Motor Company
Established in 1967, Hyundai Motor Company is present in over 200 countries with more than 120,000 employees dedicated to tackling real-world mobility challenges around the globe. Based on the brand vision 'Progress for Humanity,' Hyundai Motor is accelerating its transformation into a Smart Mobility Solution Provider. The company invests in advanced technologies such as robotics and Advanced Air Mobility (AAM) to bring about revolutionary mobility solutions, while pursuing open innovation to introduce future mobility services. In pursuit of sustainable future for the world, Hyundai will continue its efforts to introduce zero emission vehicles equipped with industry-leading hydrogen fuel cell and EV technologies.

More information about Hyundai Motor and its products can be found at:
https://www.hyundai.com/worldwide/en/ or Newsroom: Media Hub by Hyundai

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (“Kalkine Media, we or us”), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary.
The content published on Kalkine Media also includes feeds sourced from third-party providers. Kalkine does not assert any ownership rights over the content provided by these third-party sources. The inclusion of such feeds on the Website is for informational purposes only. Kalkine does not guarantee the accuracy, completeness, or reliability of the content obtained from third-party feeds. Furthermore, Kalkine Media shall not be held liable for any errors, omissions, or inaccuracies in the content obtained from third-party feeds, nor for any damages or losses arising from the use of such content.
Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyrighted to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have made reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

This disclaimer is subject to change without notice. Users are advised to review this disclaimer periodically for any updates or modifications.