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Bond Market News
Hyundai Motors Upgraded to A- by Fitch
February 19, 2024
Hyundai Motors along with its senior unsecured debt was upgraded by a notch to A- from BBB+ by Fitch. The upgrade follows Hyundai’s improvement in brand strength and market position in key markets due to its improved product line-up especially in the SUV segment and having a robust presence in EVs. Fitch expects the company to sustain its margins despite moderating profitability in 2024 due to higher competition and lower market growth. In addition, according to the rating agency, the company will continue to maintain a strong financial profile and large liquidity buffer going forward leading to increased financial flexibility. Two weeks back, Moody’s had upgraded the company to A3 from Baa1.
Hyundai’s bonds traded stable with its 3.5% 2026s at 95.1 cents on the dollar, yielding 5.47%
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