[Alpha Biz= Reporter Kim Sangjin] On August 22, Hyundai Card announced that its credit rating has been upgraded to BBB+ Stable by Standard & Poor's (S&P), up from BBB Positive. This follows an upgrade of the rating outlook from BBB Stable to BBB Positive in January of this year.
With this upgrade, Hyundai Card now holds a BBB+ rating from all three major credit rating agencies: Standard & Poor's, Moody's, and Fitch. The company anticipates that this positive assessment will enhance its ability to raise funds through international bond issuance and expand global partnerships.
S&P highlighted Hyundai Card's role as a strategically important subsidiary of Hyundai Motor Group, noting that the company's strong support from the group contributed to the rating upgrade. On the same day, Hyundai Motor and Kia's credit ratings were also upgraded from BBB+ Positive to A- Stable.
S&P's report indicates that Hyundai Card is expected to play a central role in Hyundai Motor and Kia's strategy to boost new car sales. The company’s Private Label Credit Cards (PLCC) are seen as contributing to customer purchases of new vehicles and supporting Hyundai Motor Group's strategic payment businesses, such as In Car Payment (ICP).
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
