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Bond Market News
Hyundai Upgraded to A- by S&P
August 22, 2024
Hyundai Motor and Kia Corp. (HMC-Kia) and Hyundai Capital were upgraded to A- from BBB- by S&P. The upgrade of HMC-Kia comes on the back of its stronger market position, leading to solid profits and cashflow. This has been observed through market share gains, product mix improvements, and some exchange rate tailwinds. The company’s EBITDA margins improved to 14% with combined revenue growth at 6% YoY. S&P notes that well the company is also positioned for the transition to electrification. Regarding Hyundai Capital, the company will remain a key captive finance arm of Hyundai Mumbai Group (HMG) for at least the next two years. The company can receive a strong and long-term commitment of support if needed. HMG plays a significant role in the group’s long-term strategy of promoting sales of the new cars.
Hyundai Capital’s dollar bonds were trading stable, yielding 4.6-4.9%.
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