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Corporate Information Hyundai Motor Receives a Credit Rating Upgrade as 'A-' from S&P Global
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Corporate Information Hyundai Motor Receives a Credit Rating Upgrade as 'A-' from S&P Global
SEOUL, AUGUST 22, 2024 – Hyundai Motor Company (Hyundai Motor) announced that the global credit rating agency S&P Global has upgraded the credit rating from ‘BBB+’ to ‘A-’. S&P Global presented a ‘Stable’ credit rating outlook for the company.
With this rating upgrade, Hyundai Motor has received an ‘A’ credit rating from all three of the world’s major credit rating agencies this year, following ‘A3’ and ‘A-’ upgrades from Moody’s Investors Service and Fitch Ratings respectively in February. These high worldwide evaluations reflect the company’s product and brand competitiveness, profitability, financial soundness and global market position.
S&P Global divides ratings into 22 levels from AAA to D to evaluate the credit of a country or company. The ‘A-’ rating, the seventh highest credit rating, means that the credit status is good, and the credit risk is significantly low.
S&P Global based the upgrade on Hyundai Motor's stronger market position, which has led to solid profit and cash flow. This follows three years of marked enhancement in profitability starting in 2021. This stems from market share gains, product mix improvements, and some exchange rate tailwinds.
Also, they forecasted that the company's balanced portfolio, including both EV and hybrid models, will enable it to adapt to market changes during the electrification transition. The ‘Stable’ outlook reflects the expectation that Hyundai Motor will maintain robust profitability over the next 12-24 months.
Only six major global automotive companies, including Hyundai Motor and Kia Corporation, along with Toyota, BMW, Mercedes-Benz, etc., have achieved an A rating in S&P Global’s credit rating evaluation.
Hyundai Motor plans to continue efforts to maintain financial soundness and strengthen global competitiveness by responding flexibly to market changes.
Seohyeon Kim
seohyeon.kim@hyundai.com
Global PR Strategy & Planning · Hyundai Motor Company
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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
