Hyundai Motor regains AAA credit rating after 4 years
Hyun-Ju Jang
Apr 03, 2024 (Gmt+09:00)
Hyundai Motor Co. regained its top AAA credit rating for the first time since the end of 2019.
NICE Investors Service on Tuesday upgraded Hyundai Motor's credit rating from AA+ (positive) to AAA (stable).
Excluding public and financial institutions, only three general corporations —KT&G, SK Telecom, and KT — hold the AAA rating.
NICE Investors Service also upgraded the credit rating outlook for Kia Corp. from AA+ (stable) to AA+ (positive) on the same day.
The momentum for Hyundai Motor and Kia began earlier, with other credit rating agencies upgrading their ratings for the two companies.
Korea Investors Service raised the credit rating outlook from AA+ (stable) to AA+/positive last month.
In February, Moody's upgraded Hyundai Motor's credit rating from Baa1 to A3, and Fitch also raised it from BBB+ to A-.
The automotive industry is closely watching to see if Kia can achieve the AAA rating. Unlike Hyundai Motor, Kia has never received a AAA rating since its founding.