Hyundai Motor Company’s brands, Hyundai and Kia, received an A- credit rating from S&P Global.
“The upgrade to our global credit rating will likely lead to reduced capital financing costs. We will continue to prioritize financial stability and enhance our global competitiveness by adapting to market trends,” stated an official at Hyundai Motor Group.
Hyundai and Kia’s previous S&P Global credit rating was BBB+. The companies’ current A- ratings are the seventh highest in S&P Global’s credit evaluation. S&P Global has given only six automotive companies an A credit rating, including Toyota, BMW, and Mercedes-Benz.
S&P Global forecasts that Hyundai and Kia’s balanced portfolio will help it transition to electric vehicles (EVs). Hyundai and Kia offer a mix of fully electric and hybrid vehicles.
Together, the Hyundai Motor brands sold the second-highest electric vehicles in the United States last year, coming after EV giant Tesla. Hyundai and Kia EVs have won multiple awards worldwide and are recognized for their design and performance.
Hyundai Motor Company’s top brands now have A credit ratings from the big three credit agencies: S&P Global, Moody’s Ratings, and Fitch Ratings. Moody’s gave Hyundai and Kia an A3 credit rating, while Fitch gave the vehicle brands A- ratings.
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