SEOUL, South Korea, Feb. 6, 2024 /PRNewswire/ — Hyundai Motor Company today welcomed Moody’s Investors Service (Moody’s) upgrade of the company’s corporate rating to A3 with a stable outlook from a previous rating of Baa1 with a positive outlook.
According to the report from Moody’s, the rating upgrade reflects Hyundai Motor’s continued profitability and balance sheet improvements, underpinned by the company’s strengthened product competitiveness and strong free cash flow generation. Moody’s also cited that Hyundai Motor’s profitability will remain robust and the company’s substantial financial buffer will stay largely intact over the next one to two years, notwithstanding the increasing difficulties in the global automotive industry.
“This credit rating upgrade is significant and acknowledges our stable financial foundations amid challenging global economic conditions,” said Seung Jo Lee, Senior Vice President, CFO and Head of Planning & Finance Division at Hyundai Motor Company. “Hyundai Motor will pursue more substantial growth in the future, focusing efforts towards achieving its business goals for this year.”
Furthermore, Moody’s also mentioned that the A3 rating reflects Hyundai Motor’s strong position in the Korean automotive market, competitiveness in key overseas markets, high degree of geographic diversification, very low financial leverage and strong balance sheet.
In the meantime, Kia Corporation and Hyundai Mobis also received an upgrade of the companies’ corporate rating from Baa1 with a positive outlook to A3 with a stable outlook.
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
SOURCE Hyundai Motor Company