Hyundai Motor Finance Co., the US-based unit of Hyundai Motor Company has issued the company`s largest-ever dollar-based asset-backed securities totaling US $ 600 million. The issue will be used to allow Hyundai Motor Finance to expand its services to United States buyers and also to reduce Hyundai Motor`s debt-to-equity ratio. The ABS includes US $315 million in short-term and medium-term bonds with maturity in less than 18 months and US $ 285 million in longer term bonds maturing in three years. Ratings agencies The issue was rated as AAA by Standard and Poor`s and Aaa by Moody`s ratings agencies. The bonds are backed by Hyundai Motor Finance`s receivables on United States automobile sales and carry no payment guarantee. The average return on the bonds is 3.89 per cent. The issue was managed by J.P.Morgan Chase &Co, Bank of America Corp, Societe Generale and Barclays securities.