Hyundai, Kia secure financial edge with 'triple A' credit ratings
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Hyundai Motor Company and Kia have paved the way for their future investment plans as they recently received triple 'A credit' ratings from the leading credit rating agencies in the world.
Hyundai and Kia -- Hyundai Motor Group's two automakers -- stand as one of the only four auto brands worldwide to have all A credit ratings from Fitch, Moody's and Standard & Poor's along with Toyota, Honda and Mercedes-Benz.
The Korean automakers said they plan to speed up the push for future businesses as the companies can use their advanced credit ratings to strengthen the trust of investors and shareholders as well as bring leverage in securing financial resources.
Hyundai announced Wednesday that it will invest 120.5 trillion won ($90 billion) through 2033 to roll out next-generation hybrid vehicles and more electric vehicles and develop hydrogen technology. In April this year, Kia unveiled a 38 trillion won investment roadmap through 2028 to release more EVs, purpose-built vehicles and software-defined vehicles.
Foreign media outlets such as AP, the Wall Street Journal and the Financial Times noted that the heightened credit ratings of Hyundai-Kia show their bigger presence and leadership in the global mobility industry. The reports also pointed out that the upgrade to the Korean automakers' credit ratings resulted from their increased market share and improved product mix leading to a steady ascent in profitability over the last three years.
"In accordance with our elevated status in the global automobile market as well as the financial market, we will engage in more active and transparent communication at home and abroad while further enhancing our status by implementing mid- to long-term future strategies without disruption," said an official at Hyundai-Kia.
By Kan Hyeong-woo(hwkan@heraldcorp.com)
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