SEOUL, South Korea, Feb. 16, 2024 /PRNewswire/ -- Hyundai Motor Company today welcomed Fitch Ratings' (Fitch) upgrade of the company's Long-Term Issuer Default Ratings (IDRs) and senior unsecured ratings to A- with a stable outlook from a previous rating of BBB+.
The rating upgrade reflects the continued improvement in Hyundai Motor's brand strength and market position in key markets, Fitch said in its report. Geographical and product diversification as well as improved profitability and cash generation, and large liquidity buffers were also taken into consideration, it added.
"We are pleased to see the recent upgrades by major global credit rating agencies," said Seung Jo Lee, Senior Vice President, CFO and Head of Planning & Finance Division at Hyundai Motor Company. "Hyundai will continue to enhance financial soundness, while further strengthening our global competitiveness and profitability."
Furthermore, Fitch cited that the A- rating reflects Hyundai Motor's steadily improving business profile in recent years. Fitch also outlined how the brand's key market positions have been improved, with robust market position in the electric vehicle (EV) segment in the US and Europe.
Hyundai Motor also received an last week.
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.
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