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[Alpha Biz=(Chicago) Reporter Kim Jisun] Hyundai Motor Group announced on the 19th that Fitch Ratings raised the credit rating of Hyundai Motor and Kia from "BBB+" to "A-". The credit rating outlook was presented as 'stable'.
According to Hyundai Motor Group, this is the first time that Hyundai Motor and Kia have obtained a credit rating of "A" from Fitch Ratings.
Hyundai Motors and Kia acquired a credit rating of BBB+ from Fitch Ratings in May 2012. Fitch adjusted its credit rating outlook from "Stable" to "Positive" in March last year, signaling an upgrade in its credit rating.
The "A-" rating ranks the top seven out of 20 ratings in Fitch's credit rating system, meaning its credit risk is significantly lower due to its good credit status.
Toyota, Mercedes-Benz and others are the only seven major global automakers that have earned an A rating in Fitch Ratings's credit rating, including Hyundai Motor and Kia.
In particular, Fitch Ratings cited factors for improving their business competitiveness such as improving product mix centered on high value-added models such as SUV, strengthening major market share and brand competitiveness and solid market status in the U.S. and European electric vehicle markets as reasons for raising their credit ratings.
Earlier on the 6th, Moody's raised Hyundai and Kia's credit ratings to A3. Standard & Poor's (S & P) also raised its credit rating outlook for Hyundai and Kia from "stable" to "Positive" in January, signaling a rise in its credit rating.
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
