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Hyundai Capital Services Inc.
Standard & Poors
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Strong market leadership as the captive finance arm of the Hyundai Automotive group Support from part-owner General Electric Capital Corp. Relatively good profitability High dependency on market-sensitive funding sources Rising credit risk Business concentration in new-car financing The ratings on Hyundai Capital Services Inc. (HCS; BBB/Negative/A-2) are based on its position as the key captive financing arm of its parent, Hyundai Motor Co. (HMC: BBB-/Negative/--), support from part owner General Electric Capital Corp. (GECC; AA+/Stable/A-1+), and its relatively good profitability. The rating is constrained by the company's high dependency on market-sensitive funding sources, rising credit risk, and its business concentration in new-car financing. The long-term issuer credit rating on HCS is one notch higher than that on HMC, reflecting its...
Companies mentioned in this report are: Hyundai Capital Services Inc.,Hyundai Motor Co.,Kia Motors Corp.,Hyundai Card Co. Ltd.,Hyundai Mobis Co. Ltd.,Hyundai Glovis Co. Ltd.
Hyundai Capital Services Inc.,Hyundai Motor Co.,Kia Motors Corp.,Hyundai Card Co. Ltd.,Hyundai Mobis Co. Ltd.,Hyundai Glovis Co. Ltd.